FX.co ★ Canada Raw Materials Prices Rise Against Expectations in June

In June 2025, the Canadian Raw Materials Price Index (RMPI) experienced a notable increase of 2.7% compared to the previous month. This sharp upturn contrasted with the revised 0.7% decrease observed in May and surpassed the market's expectation of a 0.1% decline. The primary catalyst for this increase was a 6.8% rise in crude energy prices, with conventional crude oil prices climbing by 8.2% and synthetic crude oil prices increasing by 6.4%. These rises were largely driven by geopolitical tensions in the Middle East following an Israeli strike on Iran, heightening concerns about potential supply disruptions. Additionally, prices for metal ores, concentrates, and scrap rose by 1.4%, predominantly due to a significant 10.3% increase in the prices of silver ores, concentrates, and mill bullion. Agricultural products also saw a price rise of 2.0%, marking the largest monthly gain since April 2024. This was mainly due to a 7.9% increase in hog prices, supported by robust pork exports and seasonal demand, as well as a 1.8% rise in the prices of cattle and calves. On an annual basis, the RMPI saw a 1.1% increase in June, recovering from a revised 3.2% decrease in May.