The Bank of Nova Scotia’s commodity price index climbed by 4.3% in July to a level 12% higher than a year earlier.
The gain is partly attributed to the metal and mineral index, which was itself fueled by stronger prices for copper, nickel and aluminum.
Increased U.S. industrial activity boosted metal prices, following a second-quarter lull. Specifically, robust global stainless steel demand boosted nickel prices.
The outlook for metal prices remains positive, with the big three North American auto makers expecting to increase output for the remainder of the year.
Production is expected to rise by as much as 4% during the third quarter as a result of the new generation of mini vans being made available to North American consumers.
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