Supercharged Commodity Boom: Definitely. Supercycle? Not Exactly
- Fortunes for oil and copper diverge as green revolution looms
- Bullish forecasts still come with longer-term caveats
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A surge in commodity prices has Wall Street banks gearing up for the arrival of a new supercycle, but underlying dynamics suggest it isn’t going to be a repeat of the epic China-led boom at the start of this century.
Copper heading for new all-time highs, surging agricultural markets and oil prices back at pre-Covid levels are driving excited talk as economies, juiced by massive stimulus, rev up after Covid-19 lockdowns. The theory is that this could be just the start of a years-long rally in demand for raw materials across the board.