Over the last few months, there has been an increase in analysts calling a commodity super-cycle. I disagree. Many commodity prices are at super-cycle levels. It is the volumes that are not in a super-cycle.
And high prices without an increase in volumes is a sure recipe for price reversion. Or, in other words, a cycle. Not everything needs to be super.
Take copper, for example. Looking at a 100-year+ chart adjusted for inflation, it is clear that prices above USD8,000/ton are the exception, not the rule.
