End of super-cycle spawns many narratives

摘要

The commodities "super-cycle" may have become little more than a catchphrase devoid of any real analytical power but at least the term provided a simple unifying narrative for industrial metals. The implicit sub-plot of higher, stronger prices was an easy trade and one that, when running at full force in 2009-2010, sucked in plenty of investors looking for a free ride on the China industrialisation story.