In 2008 it seemed impossible to ignore the upward trajectory of commodities prices. Even the demise of Bear Stearns and Lehman Brothers failed to stop the rise in the price of oil and other commodities – at least until it became clear the financial crisis would tip the world into recession.

Oil in particular had a rollercoaster year, rising from $100 a barrel to $147 in July before plummeting to $32 in December. It has since recovered, but failed so far to get back over $100, trading between $70 and $80.

However, the financial crisis has, if anything, reinforced the view that commodities are in a “super- cycle”, albeit with occasional interruptions. The correction from the peak of 2008 has been large, but prices have “l(fā)anded” on a higher plateau. The expectation is they will stay high, driven by demand, especially from emerging economies, as global growth accelerates.