Commodity index reaches new high

The metal and minerals index increased 0.9% in January from the previous month, and is up 29.5% compared with January, 1988. “Although precious metal prices eased, strong economic growth in the United States and Japan and supply disruptions continued to underpin industrial metal markets,” writes bank economist Patricia Mohr.

Nickel, Mohr points out, continues its strong price showing, “boosted by a global pickup in business investment in the processing industries and the highest international aircraft orders in two decades.”

The all-commodity index tracks export prices of a variety of Canadian commodities, which are weighted according to their 1984 export values, except crude oil where the value of net exports is used.

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