For the past year, an incredible commodities mania has swept financial markets. It was led off by the post-COVID recovery which juiced goods demand but limited some supply-side responses.
It then morphed into a narrative of ESG constraints on mining expansions being structural just as enormous demand loomed for the great decarbonisation push.
Then, surging commodity prices themselves helped trigger an inflation panic that Wall Street packaged up as a foolproof argument for buying more commodities.
