In December 2020, this column argued that commodity prices were set to enjoy a period of rising prices across the board. This constructive outlook reflected three separate, but related developments. First, increased demand as a result of fiscal stimulus programmes was set to have a large impact on pricing. Second, constrained capex over recent years increased the probability of supply bottlenecks. Third, the prospect of a weaker dollar and increasing inflation concerns was set to be a benign development for the sector. Today’s column will revisit this theme and review how the prediction fared, and it will also look to…

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