Canada industrial product prices for June 0.0% vs 0.2% expected

Prior IPPI prices 0.0% revised to 0.2%IPPI prices 0.0% versus 0.2% expectedIPPI prices YoY 2.8% Raw material price index -1.4% versus -0.7% expected. Prior month -1.5%RMPI YoY +7.5%Details of IPPI prices:Prices for meat, fish, and dairy products: +2.4%. That was the largest contributor. 4th straight increaseFresh and frozen beef and veal: +5.6%Fresh and frozen pork: +4.6%Prices for pulp and paper products: +1.7%Wood pulp: +2.9%Prices for primary non-ferrous metal products: -0.4%Unwrought nickel and nickel alloys: -10.3%Unwrought copper and copper alloys: -4.5%Prices for energy and petroleum products: -0.4%Finished motor gasoline: -3.5%Diesel: +3.3%Details of the raw material price index:Crude energy products: -1.2%Synthetic crude oil: -3.1%Conventional crude oil: -0.1%Key details: Decline driven by OPEC+ announcement on phasing out production cuts, later price rebound due to geopolitical tensions.Metal ores, concentrates, and scrap: -1.7%Nickel ores and concentrates: -10.4%Iron ores and concentrates: -9.4%Copper ores and concentrates: -7.1%Key details: Price declines influenced by Chinese market dynamics, rising stockpiles at Chinese ports, and soft demand for steel in China.Crop products: -1.9%Canola: -5.6%Wheat: -3.5%Key details: Improved North American canola production expectations and pressure to sell harvested wheat in overseas markets. This article was written by Greg Michalowski at www.forexlive.com.