The Canadian industrial price product index (IPPI) for manufactured goods rose by 1.6pc in July from a year earlier, and by 0.7pc from the month prior, driven by an 11.3pc surge in primary non-ferrous metals prices.
According to a Statistics Canada report, the IPPI for primary non-ferrous metal commodities rose on a monthly basis by 5.1pc in July, with unwrought copper and copper alloys, as well as gold and silver, comprising 10.3pc of the growth. China’s share of unwrought copper and copper alloy imports catalyzed the growth, increasing by 16.1pc. Production from the world’s top-two copper-producing countries, Chile and Peru, was hampered by COVID-19-related lockdowns.
Canada’s Raw material price index (RMPI) rose by 2.2pc in July from a year earlier on the strength of a 9.6pc increase in metal ore, concentrate, and scrap prices. The RMPI grew by 3pc in July from a year earlier.
The RMPI for metal ores, concentrates, and scrap in July increased on a monthly basis by 5.2pc, with copper ore, concentrate, gold and silver accounting for 10.8pc.