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COMMODITIES

The TR/CC CRB Index is -8.69% on a one-year basis but up 3.32% YTD2.

The commodities that shone were few, led by gold and silver, which had their best performance in three years.

Gold was ranked the best investment asset class in the First Quarter, up 18% at time equity indices were generally struggling.
Base metal prices were low, but they bounced nicely off the bottom, led by copper and iron ore.

Oil prices finally bottomed out and rallied, but prices stayed at levels that were consumer-friendly and contributed to growth that was otherwise mostly insipid.

Mining stocks had very strong performance and the TSX outperformed most major global equity indices over six months, given the rally in oil stocks in the Second Quarter.

World grain carryovers remained at or near record levels, and most harvests for this year appear strong, particularly in the U.S. Result: basic food costs remained mostly low, so households benefited.

Footnote:

1. Actual Fund performance is reported by the Fund on the BMO Capital Markets Structured Products website:
https://www.bmocm.com/investorsolutions/closed-end-funds/#type=Closed-End Funds&tab=Past Issues

2. Links to Bloomberg for Indicative performance are also provided on this site.
Bloomberg http://www.bloomberg.com/quote/CRY:IND