Scotiabank’s commodity price index gains 2.2% in February

The Scotiabank Commodity Price Index gained 2.2% month-over-month in February as industrial commodities continue to benefit from healthy demand on the back of a stronger global economic outlook, while supply-side idiosyncrasies continue to provide opportunity for differentiation, the banking group said Wednesday. The oil market recovery remains on track but fragile, as headlines about the Organisation of the Petroleum Exporting Countries (Opec) will continue to drive near-term market sentiment, especially ahead of the May 25 meeting to decide whether to maintain production cuts for another six months.