Forest products top performer
Dec. 23, 2013, Toronto – Scotiabank's Commodity Price Index declined by a sharp 5.8% month-over-month (m/m) in November and is currently 10.4% below a year earlier.
"While commodity prices have lost ground in 2013 -- partly due to disappointingly slow global growth -- signs point to a bottoming in 2014 and a return of the 'bull-run' in the second half of the decade," said Patricia Mohr, Scotiabank's Vice President of Economics and Commodity Market Specialist. "Zinc is a top pick for early investors and lumber should post another solid advance in 2014."
Highlights in the report include:
• Critical need to build additional oil export pipeline capability, enabling Western Canada to diversify its oil markets
• The oil & gas industry is key to Canada's economic prosperity, generating almost one-quarter of Canada's merchandise trade exports in 2012
• Forest Products posted the strongest advance of any commodity sector in 2013
• Copper remains one of the most lucrative of all commodities
Read the full Scotiabank Commodity Price Index at http://www.scotiabank.com/ca/en/0,,3112,00.html.