Is the commodities supercycle really over?

Looking ahead to the rest of the year, commodities face a structural demand decline driven by emerging market slowdown, energy efficiency targets and environmental objectives. This supply will adapt but there will be a multi-year response lag. On the demand side, emerging market growth and structure of growth have fuelled the supercycle and relate directly to emerging market urbanisation, changing dietary habits (more protein supporting grain prices as feedstock for cattle) and lifestyle choices, which seek to imitate those of the developed markets. However, emerging markets are now i...