Are we headed for a global recession? Probably not.
Investors might recall the hype about the “super cycle” that justified record commodity prices. The term to describe “higher-for-longer” commodity prices was largely based on ever-climbing demand from the Chinese as the country industrialised. Amid the excitement, commodity prices soared more than six-fold from 2004 to 2011. That index has since collapsed by 63% over the past four years as Chinese demand has fallen and supply increased after an investment frenzy to build more projects, and the revolution in shale oil.
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