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It was Variant Perception that was first out of the blocks on the commodity supercycle thesis two years ago. Now it is arguing that we’re just in an intermission:
The commodity supercycle intermission is ongoing, but the structural thesis remains in tact (see our original thesis from Oct 2020 here). We have been helping clients manage their commodities exposure this year, balancing structural tailwinds, cyclical headwinds and tactical signals. The below is an excerpt from our July 26th report.
In our May Leading Indicator Watch, we wrote:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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