Commodity prices rose 19.2 per cent during 2003, with the biggest annual gain coming from the metals and minerals sector and with only agriculture slipping for the year, the BMO Financial Group said in a report Friday.
"Commodity markets were very robust in 2003 with many commodity groups posting strong gains through the year," said BMO economist Earl Sweet.
"Looking ahead, we anticipate gains in 2004 to be more moderate, with non-energy commodity prices continuing to rise while energy prices should adjust downward from their current very high levels."
BMO's metals and minerals index in December, up 25.4 per cent from a year earlier and up 6.4 from November.
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The oil and gas index was up 19.5 per cent for the year and up 13.3 per cent from November.
Forest products ended the year on a down note, falling 2.5 per cent from November but up 20 per cent for the year overall
The agriculture index fell 3.1 per cent from November and slipped 0.7 per cent from December 2002.