FX.co ★ Canada Raw Materials Prices Fall 3.0%

In April 2025, the Canadian Raw Materials Price Index experienced a 3% decline from the preceding month, following a 1% decrease in March. This was the largest drop since September 2024 and surpassed the anticipated reduction of 2.2%. The primary driver of this decline was a significant drop in crude energy products, which fell by 8.1%, with conventional crude oil decreasing by 9.4%. This downturn was partly due to increased OPEC production and an uncertain global demand outlook. Meanwhile, prices for metal ores, concentrates, and scrap decreased by 1.5%, halting a series of seven-monthly increases. Conversely, gold ores, concentrates, and steel bars for machining saw a price rise of 5.2%, balancing out declines in other sectors. Year over year, the RMPI saw a 3.6% reduction compared to the same month in the prior year.