The cyclicality of Chinese electricity output is shown below year over year in blue since 2006. Now in a significant cyclical (and secular) decline, China’s economy has major implications for industrial commodities like copper (in red), which spiked from March 2020 to March 2021 on unprecedented cash injections into households, businesses and financial intermediaries globally. The mean reversion in Dr. copper (the Ph.D. in economics) and many other economically sensitive commodities is likely just begun. {chart} At the same time, global economic growth peaked in the second quarter of 2021 and has turned lower since. ... (full story)