FX.co ★ Canada Raw Materials Prices Moderate in November

In November 2025, Canada's Raw Materials Price Index (RMPI) experienced a modest increase of 0.3% from the previous month, a deceleration from October's 1.6% rise and falling short of the anticipated 0.6% increase. The prices for animals and animal products dropped by 2.0%, the most significant monthly decline since September 2024. This decrease was primarily influenced by a 7.5% reduction in hog prices, as lower production costs enhanced supply amidst a seasonal post-summer demand slowdown. Meanwhile, crude energy prices decreased by 0.5%, with conventional crude oil prices down by 0.9%. This drop was attributed to global oversupply, though geopolitical tensions stemming from the Russia-Ukraine conflict mitigated some of the decline. Conversely, prices for metal ores, concentrates, and scrap rose by 1.5%, driven by a 4.0% increase in gold, silver, and platinum group metal ores and concentrates, marking the 15th consecutive month of price hikes. Notably, the RMPI, excluding crude energy products, climbed by 0.6%.