Canada Raw Materials Prices Extend Rebound in October

Canada’s Raw Materials Price Index (RMPI) increased 0.5% month-on-month in December 2025, following a 0.3% gain in November, and countering expectations for a 0.5% decrease. Prices for animals and animal products fell 1.3% in December. Crude energy products slipped 4.1%, with conventional crude oil down 4.7%, pressured by global oil oversupply and weak demand from China. In contrast, prices for metal ores, concentrates and scrap increased 6.2%, led by a 25.0% rise in silver ores and a 3.7% gain in gold ores, marking the eighth consecutive monthly increase. Excluding crude energy products, the RMPI advanced 2.4%.

Canada’s Raw Materials Price Index (RMPI) edged up 0.3% month-on-month in November 2025, following a 1.6% gain in October and missing market expectations of a 0.6% rise. Prices for animals and animal products fell 2.0%, the largest monthly decline since September 2024, driven by a 7.5% drop in hog prices as lower production costs boosted supply, alongside seasonal post-summer demand weakness. Crude energy prices slipped 0.5%, with conventional crude oil down 0.9%, pressured by global oversupply, although geopolitical risks from the Russia-Ukraine conflict partially offset the decline. In contrast, prices for metal ores, concentrates, and scrap increased 1.5%, led by a 4.0% gain in gold, silver, and platinum group metal ores and concentrates, marking the 15th consecutive monthly increase. Excluding crude energy products, the RMPI advanced 0.6%.

Canada’s Raw Materials Price Index (RMPI) rose 1.6% month over month in October 2025, extending the prior month’s rebound of 1.7%. The increase was mainly driven by higher prices for metal ores, concentrates and scrap (9.0%), led by gold, silver and platinum group metal ores and concentrates (13.8%), which posted their largest gain since August 2020. In contrast, crude energy products fell 4.3%, with synthetic crude down 5.3% and conventional crude down 4.3% as global oversupply from increased OPEC plus and non OPEC production weighed on prices. Excluding crude energy products, the RMPI increased 4.2%.