TORONTO, ON - December 19, 2013 /CNW/ -  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 National Energy Board will release its recommendation on the Northern Gateway Pipeline today 
• 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.

Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

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For more information please contact:
Patricia Mohr
Scotiabank Economics
(416) 866-4210
patricia.mohr@scotiabank.com

Joe Konecny
Scotiabank Media Communications
(416) 933-1795
joe.konecny@scotiabank.com