When you are in a hole, stop digging. Miners are surely in a hole, and have slashed capital spending. Plans to dig the biggest hole in the world – at Olympic Dam in Australia – are on hold, and talk of “peak everything” has given way to muttering about the end of the commodity supercycle, the decade-long rise in prices.
如果你已經身陷坑洞，就不要再挖洞了。礦商現在肯定正身處洞中，它們一直在削減資本支出。開挖全球最大礦洞——位于澳大利亞的Olympic Dam——的計劃已暫停，此前“超越一切”的豪言壯語已讓位給對大宗商品超級周期或已結束的小聲咕噥。超級周期是指長達10年的價格上漲。
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