Rising prices for copper, uranium, lumber, oriented strandboard and wood pulp helped push Scotiabank's commodity price index up by 2.5 per cent in February – a fourth straight monthly gain.

Scotiabank said the index climbed about 15.1 per cent from February 2003.

The bank said forest products led the way with strong gains in lumber and oriented strandboard prices and the beginning of a rally in pulp prices.

Metals and minerals prices also jumped again in February, surpassing a January 1995 peak and reaching its highest level since September 1990.

The bank's index of price trends for oil and gas declined last month as export prices for natural gas eased, but a turnaround is expected in March, Scotiabank commodities specialist Patricia Mohr said.

"West Texas Intermediate crude oil climbed to a 13-year high of $38.18 US per barrel in mid-March – close to the $40 US peak at the time of the 1990 Gulf War," Mohr said.

"Prices have been driven higher by talk of OPEC production cuts in April in the face of rapidly growing demand in China and very low U.S. gasoline stocks heading into the summer driving season," she said, adding that U.S. gasoline stocks in February only represented 23.8 days of consumption, the lowest for any February on record since 1973.

Global geopolitical risks, including the bombing in Madrid and political unrest in Venezuela, have also contributed to the rise in fuel prices.