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To: Zardoz who wrote (31007)	4/1/1999 1:18:00 PM
From: Alex	Respond to of 116764

4/01/99 - TORONTO DOMINION BANK - Commodity Prices Jump In March <Picture> Toronto, Ontario, Apr. 01, 1999 (Market News Publishing via COMTEX) -- A strong rally in crude oil prices, combined with continued gains in nickel prices, drove the TD Commodity Price Index (TDCI) higher in March and raised hopes that the long-awaited recovery in world commodity prices may be underway, say TD Economists in the latest issue of TD Commodity Price Report. The 18-item TDCI, which tracks the price movements of Canada"s major resource exports, increased by 0.8 per cent in U.S.-dollar terms in March, more than reversing the losses recorded in February. More volatility in store "Although world commodity prices are close to bottoming out, more volatility is likely in store before commodity prices begin a steady climb later this year," notes Teresa Courchene, Director of Economic Research at TD Bank Financial Group. The recent upward movement in commodity prices has been supported by some production cutbacks, the continued strength of the U.S. economy and the revival of demand for commodities in some Asian countries. The global economic outlook, however, remains clouded by the recession underway in Latin America, and the recent slowing of the economic expansion in the major economies in Europe. "Whether commodity prices will continue to rise in the coming months will hinge not only on the overall global economic outlook, but also on whether producers which have scaled back output will adhere to their plans," adds Courchene. Commodity price movements in March - Crude oil prices, which had hovered at about US$12 per barrel over the past four months, surged to more than US$16 per barrel in late March following the agreement reached between OPEC and non-OPEC producers to cut production by an additional 2.1 million barrels per day. - Nickel prices increased by 8 per cent in March, bringing the total gain since December to almost 30 per cent. - Although benchmark pulp prices stayed steady at last month"s level of US$493 per tonne, major pulp producers have announced plans to raise prices by US$15-25 per tonne on April 1st, with some companies planning further increases in May. - Newsprint prices fell by US$20 to US$535 per tonne in March, bringing the total decline recorded since December to US$70. - Although copper and aluminum prices increased in the second half of March, these gains were reversed by the end of the month amid concerns about the weak state of Japan"s economy. - Concerns about the possible sale of gold reserves by the International Monetary Fund, following the endorsement for such a move by several member countries, pushed gold prices down to about US$280 per ounce in late March, from about US$290 early in the month. - Silver prices fell significantly in March following February"s sharp gains. This report, TD Commodity Price Report (including charts and detailed tables), is available in PDF format on TD Economics" new Home Page at: www.tdbank.ca. Click on TD Economics. For a fax copy of this report (8 pages), please call (416) 982-8065.