FX.co ★ Canada Raw Materials Prices Rise More Than Expected

Canada’s raw materials prices climbed 3.1% month-on-month in August 2026, reversing a 2.1% decline in July and far exceeding market expectations of a 0.7% increase. The rise was driven primarily by crude and energy products, which jumped 7.1% after three consecutive monthly declines, as renewed tensions between the US and Iran pushed energy prices higher. Both synthetic crude oil (up 21.6%) and conventional crude oil (up 2.8%) posted monthly gains.

Prices for metal ores, concentrates and scrap also rebounded, increasing 4% after two straight monthly declines. This was largely due to higher prices for gold, silver and platinum group metal ores and concentrates, which rose 8.1%, marking their first monthly increase since the beginning of the year. Silver ores, concentrates and mill bullion advanced 9.8%, while gold ores, concentrates and mill bullion gained 6.9%. In contrast, prices for animals and animal products fell 3.4%, their steepest monthly drop since July 2020.