Commodity prices have recovered their 2020 losses and, in most cases, are now above pre-pandemic levels (Figure 1). The pace of Chinese growth since 2020 and the economic recovery that has accompanied vaccine rollouts in advanced companies are seen as driving demand upward, while supply restrictions for some items—oil, copper, and some food products—have favored their upward adjustment.
Some analysts have started to speak of the possibility of a new commodity price ‘super-cycle’ aft ...