No sign of overcapacity yet as global commodity prices come off peaks

The exception is energy, which isn't dictated by liquidity conditions, but by decisions of the Opec-plus cartel, where plenty of other factors come into play

The big set of data points the monetary policy committee of the Reserve Bank of India explored this week was about whether the global spiral in commodity prices had begun to ease off. The call on when the markets in India would come off their highs depended pretty much on reading these emerging trends correctly. 

While analysts had begun to notice some softness in global prices, what has not been adequately commented on is that prices had begun to harden from the middle of last year, once the world began to brush off Covid risks.

As of now, the widely-tracked