TORONTO, ON - October 30, 2015 /CNW/ - Amid concern over the outlook for China's economy -- Scotiabank's Commodity Price Index lost further ground in September easing by -2.6% month-over-month (m/m) and -33.4% year-over-year (y/y); however, commodity prices have improved in October.
"Though commodity prices remain near a decade low, they have rallied in October, rebounding with some easing in negative sentiment over China's growth outlook," said Patricia Mohr, Vice President of Economics and Commodity Market Specialist at Scotiabank.
China's third-quarter GDP growth at 6.9% was slightly better than expected.
"Another factor assisting the rebound has been central bank attempts to bolster global growth through easing monetary policy, lifting global equity markets last week, boosting risk appetite across financial markets and supporting base metal prices."
"The Trans-Pacific Partnership (TPP) will deepen Canada's trade ties in the Asia/Pacific region, cement the value of our NAFTA trade agreement and open up valuable new export markets for Canadian forest products. The best prospects for expanded trade in lumber and panel boards appear to be in Japan, Malaysia and Vietnam. The Agreement will give Canadian exporters an important advantage in TPP markets over strong competitors from Russia, China, Indonesia and the European Union."
Other highlights from the report include :
Read the full Scotiabank Commodity Price Index online at: http://www.scotiabank.com/ca/en/0,,3112,00.html.
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