The latest rally in many commodity prices has prompted some commentators to herald the arrival of a new commodity supercycle. In this Commodities Watch, we outline what is meant by a supercycle and discuss why we are not at the start of a long-run bull market in commodity prices. In our view, a prolonged surge in metals prices is likely as efforts to decarbonise the world economy take effect, but we are sceptical that it is already underway.
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