The 2010s have been a dramatic period for most primary commodity markets. Producers suffered heavily as prices fell in response to new supply facilities going into production, juxtaposed against disappointing demand evolution from China in particular, marking the end of the most powerful and enduring commodity boom since the Second World War. This book is a guide to the primary commodity universe, an increasingly crucial part of the world economy. In this updated edition, Marian Radetzki and Linda Warell introduce and explain pertinent issues surrounding international commodity markets, including the importance of fossil markets among commodities, price formation, price trends, the shift in primary commodity consumption towards Asia, the increasing reliance on commodity exchanges, new relaxed attitude towards depletion, cartel action, and the revival of nationalism and state ownership. This is an accessible read for graduates, academic researchers, and professionals in the mineral and energy sectors.

A revised and updated introduction to primary commodities, a crucial part of the world economy.

List of Figures List of Tables Acknowledgements Introduction 1. The Historical Framework 2. The Geography of Commodity Production and Trade 3. Comparative Advantage and Trade Policy Distortions 4. The Fossil Fuels 5. Price Formation and Price Trends in Commodities 6. Commodity Booms 7. The Commodity Exchanges, Commodity Investments and Speculation 8. Threats of Resource Depletion and Sustainability of the Extractive Industries 9. Fears Regarding and Measures to Assure Supply Security 10. Producer Cartels in International Commodity Markets 11. Public Ownership in Primary Commodity Production 12. The Monoeconomies: Issues Raised by Heavy Dependence on cCmmodity Production and Exports References Index