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.

Author Biography

Marian Radetzki is Professor of Economics at Lulea University of Technology, Sweden. He has authored more than two dozen books, the most recent being The Price of Oil (Cambridge, 2015), and has undertaken consulting assignments for industry, governments, and international organisations, such as the World Bank and the UNDP. Linda Warell is Associate Professor of Economics at Lulea University of Technology, Sweden. She is the Editor-in-Chief of Mineral Economics, a multidisciplinary journal focussing on economic and policy issues in the mineral industries, and has published numerous studies on competition and public policy issues in the minerals industry.