There have been three commodity super cycles in the past 130 years. The first took place between roughly1890 and 1910, when the US went through its initial industrialization and urbanization phase.
The second super cycle started in 1945 and lasted until the mid-1960s. Japan and Europe were rebuilding their nations and economies after World War II.
China’s industrialization and urbanization efforts propelled the third super cycle from 2000 to 2012. This last one was more pronounced for investors than the earlier two, because stock markets had grown larger and more accessible than ever. That commodity prices had declined for more than ten years and mining capacity had reached extremely low levels made the most recent super cycle particularly memorable.
Things have changed, though. China’s break-neck economic growth and endless commodities consumption, at any price level, belong to the past.