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
    In collaboration with Chelsea Johnson
    May 19, 2021
    Africa is endowed with abundant mineral resources, including gold, silver, copper, uranium, cobalt, and many other metals which are key inputs to manufacturing processes around the world. The mining and extractive sector has contributed and continues to contribute a significant share of Africa’s exports, revenue and GDP annually. In 2019, minerals and fossil fuels accounted for over a third of exports from at least 60% of African countries. Additionally, 42 out of 54 African countri ...
  • May 12, 2021
    Otaviano Canuto, Policy Center for the New South Commodity prices go through extended periods during which prices are well above or below their long-term price trend. The upswing phase in super cycles results from a lag between unexpected, persistent, and upward trends in commodity dema...
  • April 30, 2021
    La Méditerranée orientale a figuré en bonne place de l’actualité de ces derniers mois. Vieil espace de civilisation, objet de disputes et d’ambitions contradictoires entre puissances régi ...
  • April 28, 2021
    There are three major reasons for central banks to engage on climate change issues. The first is the set of – physical and transition - risks to financial stability potentially brought about by natural disasters and trends derived from climate change. Second, the potential impact of cli...
  • Authors
    April 27, 2021
    With a population of approximately 200 million, Nigeria accounts for about half of West Africa's population and has one of the largest concentrations of young people in the world. Endowed with abundant natural resources, Nigeria is one of Africa's largest oil exporters, with an estimated 37 billion barrels of proven crude oil reserves, the majority of which are found in the Niger River Delta and offshore in the Bight of Benin, the Gulf of Guinea and the Bight of Bonny. Nigeria also ...
  • April 12, 2021
    Water resources have become increasingly scarce in several regions of the world, particularly in arid and semi-arid zones. Countries located in these regions are constrained by water scarcity due to their hydro-climatic characteristics and intra- and interannual rainfall fluctuations. I...
  • March 31, 2021
    Depuis la découverte des ressources pétrolières du Nigeria en 1956, le secteur pétrolier a progressivement revêtu une importance considérable, jusqu'à devenir le principal moteur de l'économie du pays : le pétrole brut est le premier poste d'exportations (figure 1) ainsi que le principal pourvoyeur en réserves de devises et de recettes fiscales pour le gouvernement fédéral nigérian (figure 2). Cependant, malgré son importance, le secteur pétrolier n'a pas élargi la base productive d ...