Oil, chemical weakness force IHS materials price index lower

The materials price index (MPI) from Global Insight by IHS Markit fell 0.7% last week, driven by weakness in the oil and chemicals sectors, the firm announced on Thursday. It was the MPI’s first decline since the middle of June, as weakness in oil, down 1.5%, and chemicals, down 3.9%, pulled the overall MPI lower. Lumber and pulp prices were rare bright spots for sellers, up 7.1% and 2.1%, respectively, IHS data showed.