The Scotiabank Commodity Price Index started 2013 on a positive note, rising 3.8% month-over-month in January after losing significant ground in late 2012.

“Riskier assets such as commodities and equities were buoyed in January by the 2012 fourth quarter pick-up in China’s economy,” says Patricia Mohr, Scotiabank’s vice president of Economics and Commodity Market Specialist.

She adds, “However, market conditions remain skittish, with some industrial commodity prices and equity markets easing back again in late February.”

Highlights of Scotiabank’s index report include:

  • The Oil & Gas Index posted the strongest month-over-month increase among all the sub-indices at 9.2%. It was led by firmer light crude oil in Edmonton and stronger propane prices in Edmonton and Sarnia.
  • The Metal and Mineral Index also edged up in January by 0.3%, as copper prices responded favourably to the pick-up in China’s growth. They surged high as US$3.71 per pound late month.
  • Arguments in favour of the Keystone XL Pipeline are also outlined.

Read the full report.

Also check out:

Blackrock licenses global commodity index

Commodities pounded by investor stampede