McKinsey – Resource revolution: Tracking global commodity markets – Trends Survey 2013

“Trends in resource prices have changed abruptly and decisively since the turn of the century. During the 20th century, resource prices (in real terms) fell by a little over a half percent a year on average. But since 2000, average resource prices have more than doubled. Over the past 13 years, the average annual volatility of resource prices has been almost three times what it was in the 1990s. This new era of high, rising, and volatile resource prices has been characterized by many observers as a resource price “super-cycle.” Since 2011, commodity prices have eased back a little from their peaks, prompting some to question whether the super-cycle has finally come to an end. But the fact is that, despite recent declines, on average commodity prices are still almost at their levels in 2008 when the global financial crisis began. Talk about the death of the super-cycle appears premature.”