The Economist’s all-items index of commodity prices reached a record high early in 2011, 120% above its low in 2008. The index is now 20% below its peak. Since June this year the paths of food and industrial commodity prices have diverged. Despite falling coffee and sugar prices, the food index soared to a new high in August after America suffered its worst drought for 25 years. Corn (maize) output is down by 13% this year, to a six-year low, and the soyabean crop is down by 8%. Metal prices, meanwhile, have been hit by the euro-zone crisis and the slowdown in China. Our metals index has lost 9% in a month. Copper prices fell by 7% in October; China accounts for 40% of world copper consumption.
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