A surge in commodity prices has Wall Street banks gearing up for the arrival of a new supercycle, but underlying dynamics suggest it isn’t going to be a repeat of the epic China-led boom at the start of this century. Copper heading for new all-time highs, surging agricultural markets and oil prices back at pre-Covid levels are driving excited talk as economies, juiced by massive stimulus, rev up after Covid-19 lockdowns. The theory is that this could be just the start of a years-long rally in demand for raw materials across the board. But there are conundrums at the center of longer-term term forecasts. For example, ... (full story)