FX.co ★ Canada Raw Materials Prices Fall for 3rd Month

In May 2025, the Canadian Raw Materials Price Index experienced a slight decline of 0.4% compared to the previous month, following a larger decrease of 3% in April. This marks the third consecutive month of reduction and was less than the anticipated decline of 0.8%. The primary factor contributing to this decrease was a 4.5% drop in crude energy products, with conventional crude oil specifically decreasing by 4.3%. This decline is attributed to increased production by OPEC and worries about a potential oversupply in the global crude oil market, which exerted downward pressure on prices. Conversely, the prices for metal ores, concentrates, and scrap saw a 1.9% increase, driven by a 2.4% rise in the gold, silver, and platinum metals sector. Agricultural product prices also climbed by 1.1%, fueled by a significant 6.2% surge in canola prices due to supply shortages. On an annual basis, the Raw Materials Price Index recorded a decline of 2.8%.