Only the most optimistic commodities bull would still cling to that thesis.
Investors, analysts and industry executives now reckon that the year-long financial crisis has not only badly knocked the economies of the US, Europe and Japan, but is now also slowing the explosive growth of emerging countries, causing raw materials prices to tumble.
The Reuters-Jefferies CRB index, a global benchmark for commodities, yesterday hit a four-year low of 275.4 points, down almost 45 per cent from July's all-time high.
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