Commodities rallied in October after falling in September, according to Scotiabank's commodity price index.
The index rose 6.8% month-over-month in October, rising 11.4% from its cyclical low in April.
Oil and gas prices rose 20.1% in October compared with September prices and led gains on the index that measures price trends in 32 of Canada's major commodity exports.
Metal and mineral prices also rose, increasing 3% month over month. Copper prices rose to US$2.85 per pound in October from US$2.81 per pound in September and had continued to rise in November to a near-term peak of US$3.15 before falling to US$3.06 in late November.
China's stockpiling of copper has led to much of the price increases in the past year.
The world's largest emerging market now holds about 800,000 tonnes of copper, of which 200,000 are held by the country's strategic reserve bureau. While China's copper imports fell 40% in October from September levels, they were still on par with levels in 2007 and 2008.
Spot prices for hard coking coal in international markets has also climbed to US$165 per tonne, well above the US$129 term contract prices negotiated last April for premium-grade coal from Australia to Japan and other Asian markets.
Recent weakness of the U.S. dollar against the Euro has continued to boost commodity prices into November, the report said, with investors moving to hard assets like gold, silver and copper.
Spot gold hit a new all-time record high of US$1,195 per ounce on November 26, the day after the U.S. dollar fell to a 15-month low against the Euro.