Prix des matières premières : vers un nouveau super cycle ?

July 7, 2021

Durant les années précédant la crise sanitaire, l’inflation n’était pas un sujet de préoccupation pour les économies surtout occidentales, habituées depuis plusieurs décennies à une certaine stabilité. Vers fin 2019, l’évolution des prix à la consommation était contenue en dessous de 1,5% en Europe, et 2% aux Etats-Unis. Le cours du pétrole avait baissé de 10% sur l’année et les cours des métaux industriels et des matières premières agricoles étaient en recul. Cependant, la situation actuelle présage d’un renversement de tendance. Depuis le creux de juin 2020, les cours des céréales ont presque doublé pendant que ceux des métaux industriels ont progressé de plus de 80%. Le redressement des prix du pétrole était plus étonnant, avec un cours du Brent passé de 17 dollars le baril à près de 70 en l’espace d’un an. Ce mouvement a d’abord été initié par des contraintes pesant sur l’offre : il s’agit notamment de défis climatiques qui ont affecté les récoltes, la contraction de la production minière sous l’effet des mesures sanitaires, le durcissement des quotas de production par l’OPEP, etc. Depuis, la demande mondiale s’est raffermie, enflammée par un puissant mouvement de reconstitution des réserves de précaution, sous la crainte d’une pénurie mondiale. L’activité logistique a considérablement pâti de perturbations : conteneurs insuffisants ; hausse des prix des palettes en bois, voire même des emballages ; ainsi qu’une pression notable sur les coûts du fret maritime. Dans l’ensemble, les tensions inflationnistes commencent à se manifester tout au long de la chaine de production, augurant d’une hausse éventuelle des prix à la consommation. La trajectoire actuelle des prix des commodités, conjuguée à d’autres facteurs confluents, y compris des perspectives de croissance économique favorables, soutenues par des politiques monétaires et budgétaires accommodantes ; annoncerait peut-être un nouveau super cycle des matières premières.

Speakers
Yves Jégourel
Senior Fellow
Yves Jégourel is Senior Fellow at Policy Center for the New South as well as Full Professor and head of the Chair in “Economics of Raw Materials and Sustainable Transitions”, at the Conservatoire national des arts et métiers. He was previously a professor at the University of Bordeaux, where he directed the Master program in Banking, Finance and Commodity Trading (BFCT) and was vice-dean in charge of relations with companies in the Faculty of Economics, Management and ESA (EGAES). He devotes his teaching and research activities to the economics of commodities, with a particular focus on the common dynamics that characterize the agricultural, energy, and mineral and metal sectors: the internationalization of physical markets, the macroeconomic dependence of exporting countries ...
Marie-Louise Djigbenou-Kre
Economist, Central Bank of West African States (BCEAO)
Marie-Louise Djigbenou-Kre is an economist-researcher at BCEAO and a professor at the Centre Ouest Africain of Training and Banking Studies (COFEB) and at Cheikh-Anta-DIOP University in Dakar. She was previously an economist at the Bank of France, where she worked specifically on issues related to global liquidity and its effects on financial markets and emerging economies. During the same period, she was a professor at Sciences-Po. In 2015, she joined the BCEAO, where she actively participated in the elaboration of growth forecasts and the main aggregates necessary for the economic policy decisions of the eight member states of the West African Economic and Monetary Union (WAEMU). ...
Helyette Geman
Senior Fellow
Helyette Geman is Senior Fellow at the Policy Center for the New South, Director of the Commodity Finance Center at Birkbeck, University of London, and a Research Professor at the Johns Hopkins University, who focuses on Probability, Commodities and Finance. She was Chairman of the Finance Department at ESSEC Business School from 1988 to 1995, and the Director of Dauphine Master 203 at the University of Paris Dauphine from 1995 to 2005. Helyette Geman is a Graduate from Ecole Normale Supérieure in Mathematics and holds a PhD in Probability and a PhD in Finance. She worked as a scientific expert for EDF Trading, Louis Dreyfus, BMP Billiton, Bunge Invivo and financial institutions. Her book “Commodities and Commodity Derivatives” published in 2005 by Wiley Finance has become th ...
Abdellah Mouttaqi
Secrétaire Général, ONHYM et Membre du CESE
Titulaire d’un Doctorat d’Etat en 1997, Abdellah Mouttaqi, actuellement Secrétaire Général de l’Office National des Hydrocarbures et des Mines (ONHYM), avait commencé sa carrière en tant qu’enseignant chercheur à la faculté des sciences de l’université Cadi Ayyad de Marrakech. Il a rejoint l’ONHYM en 1998 où il a occupé plusieurs postes de responsabilité. En 2011, il est nommé par Sa Majesté le Roi Membre du Conseil Economique, Social et Environnemental (CESE). Titulaire de plusieurs publications sur les ressources naturelles, le développement durable et le développement humain, il est également administrateur de plusieurs compagnies minières, de la Fédération de l’Industrie Minérale, Vice-Président de l’Institut Marocain des Relations Internationales, Président de l’Associati ...
Francis Perrin
Senior Fellow
Francis Perrin is a Senior Fellow at the Policy Center for the New South who focuses on energy.  Following studies in economics and political science at the University Pierre Mendès France (UPMF – today University Grenoble Alpes) at Grenoble (France), Francis Perrin worked for several years as a journalist and freelance consultant on energy and mining resources before joining in 1991 the Paris-based Arab Petroleum Research Center (APRC). He was editor in chief of Arab Oil & Gas (AOG) and Pétrole et Gaz Arabes (PGA) between 1991 and 2000 and editorial manager of the publications of the APRC from 2001 to the end of 2011. Francis Perrin set up at the beginning of 2012 Stratégies et Politiques Energétiques (SPE) and later Energy Industries Strategies Information (EISI).   Pr ...
Isabelle Tsakok
Senior Fellow
Isabelle Tsakok, development practitioner, policy analyst, researcher, and teacher, is a Senior Fellow at the Policy Center for the New South. She grew up in the Republic of Mauritius, a multi- lingual, multi-ethnic and multi-cultural society. She holds a PHD in Economics from Harvard University, and a BA in Phil/Econ from the London School of Economics. As World Bank staff and consultant, she has focused on agricultural and rural development including on issues of agricultural transformation, food security, and poverty reduction. She has worked in most regions of the developing world, including Africa –North and South of the Sahara; Asia - South, Southeast and East; and Latin America. She has taught courses on agricultural policies and institutions at the World Bank; the Scho ...

RELATED CONTENT

  • Authors
    August 13, 2018
    Depuis la fin de l’année 2017, le président Donald Trump mène plusieurs batailles commerciales, contre différents partenaires, sous prétextes de sauver des emplois industriels américains et de réduire le déficit commercial des États-Unis. S’il est difficile de se prononcer sur les effets des combats commerciaux amorcés par le président Trump, l’importance des opposants et des échanges pour l’économie mondiale en fait une source de risque pour la croissance, les emplois et les prix à ...
  • Authors
    August 9, 2018
    Garbage, at times, stinks of gold. E-waste, toxic, or nuclear trash, is making the Mafia wealthy, allowing crime syndicates to perfume their bank accounts, or fill their safes with cash. Waste management is extremely lucrative. The EU’s trash business has an estimated turnover of over 100 billion yearly. The largest 25 European waste management firms employ 130,000 people. Now, multiply on the global scale—much of it illegal, and therefore often in cash. Welcome to the Godfather. It ...
  • Authors
    August 1, 2018
    “A WAKE UP CALL FOR THE WORLD” For Simon Elin, chief executive of the British Recycling Association, it’s “a tough time” his industry and country are facing just now. He does not think about Brexit, Britain trying to leave the E.U., dreaming to return to glorious times as a world power, one day soon. His colleague Arnaud Brunet, head of the Bureau of International Recycling, predicted “catastrophic environmental problems.” An assessment the London Times shared: “The world is drowni ...
  • Authors
    August 1, 2018
    Comme le rappelle le Policy brief 17/32 consacré en large part à l’hypothèse dite de « Prebisch-Singer », la dynamique du prix des matières premières se décompose en tendance de très long terme, en cycle et en instabilité (volatilité) à court terme (Jacks, 2013)1 . La flambée du cours des matières premières sur la période 2002-2012 avait, dans cette perspective, conduit nombre d’observateurs à évoquer l’existence d’un « super-cycle » alimenté par la hausse structurelle de la demande ...
  • Authors
    July 26, 2018
    The lion roared. A thunderous, gut-freezing roar. Followed by a ferocious growl, just to make sure that the adrenaline would reach explosive heights. Again, the thunderstorm effect, menacing, rumbling in the distance. This was a different storm. I could see the massive head. Its contour. Did I notice the eyes, yellow and green? A lion. Male and twenty yards away. Covered by a dense, green, bush. Since I am an admirer of Hemingway’s adventures, I was aware that the author estimated t ...
  • Authors
    July 11, 2018
    Who would cry because a whale has died, thrown onto a beach somewhere on our globe by a giant wave, the noble mammal ceasing to breathe through its blowhole in the head. No news on television, possibly a note on the third page of a local newspaper. Eight billion humans, most struggling to survive themselves, will never know or care. A pilot whale has died in Southern Thailand, after consuming more than eighty black plastic bags? A sperm whale discovered dead on a beach of Spain, who ...
  • Authors
    Sylvie Cornot-Gandolphe
    June 30, 2018
    Over the past decade, an increasing number of emerging markets has joined the liquefied natural gas (LNG) import club. From 7 countries in 2010, they were 17 in 2017: from traditionally export-oriented regions (such as the Middle East and North Africa) facing burgeoning gas and electricity demand, from emerging economies with growing energy needs (Southeast Asia), from countries facing severe energy and gas shortages and willing to replace imported oil in power generation (South Asi ...
  • Authors
    Rabah Arezki
    Patrick Bolton
    Maurice Obstfeld
    June 4, 2018
    Reducing carbon emissions is the most complex political and economic problem humanity has ever confronted. Coping with the Climate Crisis brings together leading experts from academia and policy circles to explore issues related to the implementation of the COP21 Paris Agreement and the challenges of accelerating the transition toward sustainable development. The book synthesizes the key insights that emerge from the latest research in climate-change economics in an accessible and ...
  • Authors
    Benjamin Augé
    May 23, 2018
    The fall in oil prices, which began in fall 2014, had a significant influence on the strategies of the key players in the oil industry in Africa. The continent’s oil sector has experienced deep-reaching changes, ranging from a drop in exploration budgets, the disappearance or sale of weakened companies, the reorganization or pullback of the traditional oil majors, the establishment of new companies and the arrival of state-owned companies attracted by the crisis-induced windfall eff ...
  • Authors
    May 11, 2018
    Awad Ibrahim, chairman of the Lybian Organisation of Policies and Strategies (LOPS), one of the few think tanks in this violence-torn country, has escaped to establish contacts with his African colleagues at the African Think Tank Summit held in Rabat from May 9th to 11th. For a few years he was Minister of Electricity and Renewable Energy in his country, and later appointed Deputy Prime minister. At times Awad Ibrahim fears for his life, but he believes a political solution between ...