What happened to the commodities supercycle?

There was much talk earlier this year of a commodities supercycle. But even as energy markets boom, other commodities have come back down to earth.

Metal foundry worker
Plenty of copper will be needed to build green power grids
(Image credit: © Thomas Trutschel/Photothek via Getty Images)

Energy prices continue to soar. Brent crude oil was trading above $82 a barrel this week, a three-year high, after the Opec+ group of producers said it would not add additional production in response to the price spike. US WTI futures are at a seven-year high. On Tuesday Dutch wholesale gas prices went above €100 per megawatt hour for the first time. Prices have more than doubled since the start of September.

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Markets editor

Alex is an investment writer who has been contributing to MoneyWeek since 2015. He has been the magazine’s markets editor since 2019. 

Alex has a passion for demystifying the often arcane world of finance for a general readership. While financial media tends to focus compulsively on the latest trend, the best opportunities can lie forgotten elsewhere. 

He is especially interested in European equities – where his fluent French helps him to cover the continent’s largest bourse – and emerging markets, where his experience living in Beijing, and conversational Chinese, prove useful. 

Hailing from Leeds, he studied Philosophy, Politics and Economics at the University of Oxford. He also holds a Master of Public Health from the University of Manchester.