Canada May producer prices edge up on energy, pork boosted by China woes

[June 28, 2019]   OTTAWA (Reuters) - Canadian producer prices edged up by 0.1% in May from April on higher prices for energy and petroleum products while an outbreak of African swine fever in China boosted demand for pork, Statistics Canada said on Friday.

A butcher delivers pork in Toronto, Ontario, Canada, February 12, 2019. REUTERS/Chris Helgren/File Photo

The gain matched the forecast of analysts in a Reuters poll. Of the 21 major commodity groups, 10 rose, eight fell and three were unchanged.

Prices for energy and petroleum rose 0.8%, mainly due to higher demand for lubricants and other petroleum refinery products and gasoline. Fresh and frozen pork prices posted a 1.9% gain thanks to a decrease in global hog supply driven by fever-related challenges in China.

But China also played a role in a 1.7% drop in prices for primary non-ferrous metal products. Prices for unwrought copper and copper alloys slumped by 5.9% amid speculation that an escalating trade dispute between China and the United States would cut demand.

Prices for raw materials fell by 2.3% after five consecutive monthly gains on lower prices for crude energy products.

(Reporting by David Ljunggren; Editing by Bill Trott)

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