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A broad basket of commodity prices has been tumbling for months, fuelled by concerns about slower growth in the world’s two largest economies, though so far, the pain has been overshadowed by fears about the equity sector sell-off.
Should the commodity rout drag on, Canadians will have to pay attention, because the country’s resource-heavy stock market and economy will be at the centre of any fallout. Slumping commodity prices will also dampen the prospects for merger activity, which only recently came back to life.
After rising in the first half of the year, the price of copper has dropped 22 per cent from its 2024 high, while the price of Brent crude, the international benchmark, has dropped 15 per cent from its own peak this year. Both pullbacks are sharper than the Nasdaq Composite Index’s 13-per-cent drop.
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