Our Materials Price Index (MPI) increased 0.8% last week, continuing a strong start to the year. Since the end of November, commodity markets have seen extraordinary volatility while rising a cumulative 11%. Even so, the MPI remains 10% below its May 2021 peak with year-over-year escalation continuing to decelerate. {chart} A rebound in industrial metals prices was the main reason for last week's increase. Our nonferrous metals sub-index was up 1.6%, with five of the six base metals tracked in the index increasing. Nickel prices were the biggest mover, reaching a ten-year high of $22,845/tonne, up 6% in one week. ... (full story)