As recovery gains traction, Fitch forecasts higher metals prices Moody’s expects metals to stay pricey in global recovery Meanwhile, Scotiabank says that while most commodity prices remain at profitable levels, there has been a marked loss of momentum after an 18% year-over-year gain in late 2010. The star performers of 2011 among the 32 commodities covered by the index were sulphur, a commodity used in DAP fertilizers, which came in No. 1. Other commodities that have done well over the year are premium-grade hard coking coal from Western Canada, potash and hogs and cattle as a result of herd liquidation across North America. Gold was in seventh place with a 14.6% gain from late 2010 through mid-December 2011. “The London PM Fix for gold surged by 38.2% from US$1,390.55 per ounce in December 2010 to a record high in intraday trading of US$1,921.18 on September 6,” noted Patricia Mohr, vice-president, economics and commodity market specialist at Scotiabank. However, the precious metal fell back to US$1,594 on December 16. Heavy and light crude oil – Hardisty, Alta., heavy and Edmonton light par crude – rounded out the Top 10 in 2011 and are among the bank’s top picks for investors in 2012. Keywords CommoditiesCompanies Bank of Nova Scotia Canadian Press Related news Commodities “supercycle” likely not in the cards: TD Share this article and your comments with peers on social media Facebook LinkedIn Twitter Scotiabank’s commodity price index rose 1% in November as a sharp rebound in oil and firmer base metal prices helped reverse a three-month slide. The bank’s all items index now is 6.7% above year-earlier levels and will likely end 2011 just above where it was a year ago.