June 28, 2019 / 12:53 PM / 3 months ago

Canada May producer prices edge up on energy, pork boosted by China woes

FILE PHOTO: A butcher delivers pork in Toronto, Ontario, Canada, February 12, 2019. REUTERS/Chris Helgren/File Photo

OTTAWA (Reuters) - Canadian producer prices edged up by 0.1% in May from April on higher prices for energy and petroleum products while an outbreak of African swine fever in China boosted demand for pork, Statistics Canada said on Friday.

The gain matched the forecast of analysts in a Reuters poll. Of the 21 major commodity groups, 10 rose, eight fell and three were unchanged.

Prices for energy and petroleum rose 0.8%, mainly due to higher demand for lubricants and other petroleum refinery products and gasoline. Fresh and frozen pork prices posted a 1.9% gain thanks to a decrease in global hog supply driven by fever-related challenges in China.

But China also played a role in a 1.7% drop in prices for primary non-ferrous metal products. Prices for unwrought copper and copper alloys slumped by 5.9% amid speculation that an escalating trade dispute between China and the United States would cut demand.

Prices for raw materials fell by 2.3% after five consecutive monthly gains on lower prices for crude energy products.

Reporting by David Ljunggren; Editing by Bill Trott

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