By Commodity News Service Canada
WINNIPEG, May 30 – The Canadian dollar ebbed lower against
its US counterpart on Tuesday, following losses in crude oil.
There are ideas that OPEC’s decision to extend production cuts
won’t do much to stem the glut of oil on the market.
Canada’s industrial product price index rose in April by
0.6%, which was seen as supportive for the currency.
The index gauges the price manufacturers in Canada receive
once their goods leave the plant. It doesn’t show the final
price consumers pay for goods once they are purchased.
The Canadian dollar closed at US$0.7424 or C$1.3469,
compared to Monday’s close of US$0.7437 or C$1.3446.
The S&P/TSX Composite Index dipped on Tuesday, tracking
declines in energy and gold issues.
Encana Corp dropped 5.19% on the day.
Losses in natural gas added to the bearish tone.
The index fell 49.56 points, or 0.32%, to 15,372.35.
Canada’s agricultural sector performed as follows:
AGT Food and Ingredients—–up $ 0.30 at $ 26.29
Agrium Incorporated———-up $ 0.34 at $125.25
Buhler Industries————– $ 0.00 at $ 4.50
Maple Leaf Foods————-up $ 0.20 at $ 34.43
Potash Corp. of Sask———up $ 0.15 at $ 22.52
(All figures are in Canadian dollars.)
