Abstract
The 2003–2011 commodity boom was the longest period of rising commodity prices seen since the Second World War. This article examines the role of China's demand in the price rise and its impact on the future behaviour of hard-commodity prices. The persistence of the demand driver, despite the interruption due to the financial crisis towards the end of 2008, leads us to conclude that the boom is the start of an expansionary phase of a Commodity Super Cycle. China's increase in base metals consumption has directly led to demand disruptions in the global commodity markets and offers a chance of ‘commodity optimism’ for resource-exporting developing countries.
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