Scotiabank index stronger on oil, copper rally

The Scotiabank Commodity Price Index gained 9.1% month-on-month in October, supported by large positive moves in both the oil and gas and metals and minerals sub-indices. Of note in each of these markets are the recently concluded Organisation of the Petroleum Exporting Countries (Opec) agreement and copper's aggressive 30% rally. Opec last week agreed that it would reduce output by around 1.2-million barrels a day from January 2017 – its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch rival Iran to slash output.