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BNS Bank of Nova Scotia

70.07
0.65 (0.94%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Bank of Nova Scotia TSX:BNS Toronto Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.65 0.94% 70.07 70.07 70.20 70.40 69.32 69.41 4,889,052 20:29:35

Commodities Slide on Trade Concerns

31/07/2018 6:09pm

PR Newswire (Canada)


Bank of Nova Scotia (TSX:BNS)
Historical Stock Chart


From Mar 2019 to Mar 2024

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TORONTO, July 31, 2018 /CNW/ - A new report from Rory Johnston, Scotiabank Economist, published today shows that ongoing U.S.-led trade disputes and the threat of a broader trade war that could decrease demand for raw materials led to falling commodity prices through June and July. 

The (London Metal Exchange) LME index of six key industrial metals fell by nearly a fifth between early-June and mid-July in its steepest selloff since late-2011, and Brent crude time spreads have begun to indicate at least temporarily looser supply conditions

"While the likelihood that creeping US protectionism spins out into a broader trade war has unfortunately moved from tail risk to plausible scenario, we believe that cooler heads will ultimately prevail, that the world economy will be spared the worst of mercantilism's potential casualties, and that commodity prices will rebound through summer's end," said Rory Johnston, Commodity Economist at Scotiabank

Other highlights of the July 31 Scotiabank Commodity Price Index include:

  • Capricious macro sentiment that pushed copper prices to unsustainably high levels of $3.30/lb in early June had pulled copper contracts to unjustifiably low levels of $2.70/lb by mid-July. The rest of the metals complex has followed a similar pattern.

  • Speculative sentiment in metals contracts has become overwhelmingly bearish, tipping near-term price risks to the upside as positioning normalizes from exaggerated levels.

  • West Texas Intermediate (WTI) rapidly closed the gap against Brent following news of an outage at Canada's Syncrude oil sands facility in late-June, tightening US mid-continent oil balances and temporarily pushing WTI contracts into acute backwardation just as supply conditions appeared to be easing throughout the rest of the world.

Scotiabank Economics provides in-depth commentary on economic, financial market, and policy developments, both domestically and internationally.

Read the full Scotiabank Commodity Price Index online here.

About Scotiabank

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, Europe and Asia-Pacific. We are dedicated to helping our 24 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of over C$926 billion (as at April 30, 2018), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @Scotiabank.

SOURCE Scotiabank

Copyright 2018 Canada NewsWire

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