Commodity price surge predicted

Talk of a nascent recovery in the global economy has been embraced by the Canadian natural resources sector, with several companies predicting a near-term surge in commodity prices.

TORONTO — Talk of a nascent recovery in the global economy has been embraced by the Canadian natural resources sector, with several companies predicting a near-term surge in commodity prices.

Industrial demand for metals, minerals and other commodities is slowly improving and prospects for a rapid recovery in the world’s major developing economies, particularly China, had many natural resource companies singing an optimistic tune Tuesday at a global mining and materials conference in Toronto.

The president and CEO of Saskatchewan-based Potash Corp. (TSX:POT) predicted 2010 will be a “record year” for the fertilizer industry as farmers worldwide, who have been cutting fertilizer use re-enter the market in droves.

“We’ve been through a long period of virtual paralysis in the fertilizer markets but that’s coming to an end now because you can only go so long before you need to use fertilizer,” Bill Doyle said at RBC Capital Markets’ global mining and materials conference.

Doyle predicted Brazil will import one million tonnes of potash a month between July and October and other farmers worldwide will be forced to jump back into the market this year as well.

In addition, Doyle and Mike Wilson, the CEO of Calgary-based fertilizer producer Agrium Inc. (TSX:AGU), predicted an ongoing pricing dispute with major potash importers India and China will be resolved this summer, resulting in skyrocketing demand.

Just Posted

Nature trail unveiled at RDC

Trail unveiling and tree planting honours Nova Chemicals $2 million donation

Culprits smash truck into store in failed attempt to steal ATM

Suspects reversed truck through doors of Eastview IGA early Sunday morning

Flu immunization now available in Red Deer

Free vaccine to Albertans six months and older

Windows smashed at three Red Deer businesses

Red Deer RCMP arrest man after vandalism spree

Schizophrenia a misunderstood illness, an Alberta expert says

Schizophrenia Society of Alberta campaign kickoff features TSN’s Michael Landsberg in Central Alberta

WATCH: Blackfalds Fire teaches families about fire safety

An open house was held Saturday in support of Fire Prevention Week

Canada gets into Women’s World Cup with 7-0 win over Panama

FRISCO, Texas — Christine Sinclair isn’t concerned about chasing records. She’s set… Continue reading

Baldwin urges ‘overthrow’ of Trump government via voting

MANCHESTER, N.H. — Actor Alec Baldwin followed up his latest parody portrayal… Continue reading

Prince Harry and Meghan expecting their 1st child in spring

CANBERRA, Australia — Prince Harry and his wife, the Duchess of Sussex,… Continue reading

Sears files for Chapter 11 amid plunging sales, massive debt

NEW YORK — Sears filed for Chapter 11 bankruptcy protection Monday, buckling… Continue reading

Doctors to debate medical pot as more patients expected to ask for prescriptions

VANCOUVER — Doctors with opposing views on whether medical marijuana should be… Continue reading

Halifax smoking ban begins today; city announces several new smoking areas

Halifax’s sweeping smoking ban begins today, two days before recreational cannabis is… Continue reading

Canadians widely unaware of accomplishments of famous women, poll suggests

TORONTO — The organization behind Canada’s Heritage Minutes says provincial education systems… Continue reading

Five things about what’s legal and what’s not in Canada’s new pot law

OTTAWA — Canada’s new law legalizing recreational cannabis goes into force on… Continue reading

Most Read