Remember the commodity supercycle? While the world was getting high on incredibly loose credit between 2000 and 2009, commodity prices went absolutely bonkers. Thanks to a weakening dollar and aggressive Chinese demand, anything tangibly linked to digging things out of the ground seemed to go up, including the currencies of certain commodity-linked emerging market nations. One stat from that era for you: global M&A activity in mining and metals rose from around bn in 2002 to just over 0bn in 2007.The past decade, however, has been a different story. Shale, a strong dollar, trade wars and falling Chinese consumption have — among other things — led prices to dip. Yet after the energy fallout from the Covid crisis — expressed most memorably in negative oil prices last
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Remember the commodity supercycle? While the world was getting high on...