There’s also a boom occurring in agricultural commodities. Wheat, corn, other grains and soy prices are at six-year highs and cotton and live cattle prices have bounced back strongly from their pandemic lows.
Iron ore prices were around $US60 a tonne, already-weak oil prices crashed to just above $US20 a barrel, copper slumped nearly 25 per cent, corn prices more than halved and wheat was down about 17 per cent in the March-April nadir for markets that were panicked by pandemic-induced uncertainties and fears.
Some of the supply-demand pressures in the markets for some commodities will wash out as the economic recovery from the pandemic continues and broadens, production increases and the process of rebuilding inventories depleted by the pandemic that has been a factor in the price hikes. That may have been to try to make up for the big shortfalls in China’s commitments under the trade deal it struck with the Trump administration to seal a trade truce or simply opportunistic.
StephenBartho Commodity supercycle. Be careful what you wish for. From JP Morgan:
we can talk about supply/demand, china, supercycles etc but the bottom line is when so we have unprecedented levels of govt spending/money creation etc, its going to eventually show up in every asset price
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