Has anybody else noticed how nobody is talking about a “commodity supercycle” anymore? There is a good reason for this. A commodity supercrash has begun instead.
According to bulls for much of the past six months, an endless delight of commodity super prices was ahead. Everything from oil to iron ore was going stay higher for longer because there was so little of it.
According to the thesis, futures were irrelevant, demand infinite and China obsolete as developed economy stimulus took centre-stage.
