This great article shows the current commodities supercycle.
Commodities are generally moving in a very wide “channel” supported by inflation with roughly 25 years cycle. The current cycle should be modified by 2008 crisis results for better understanding. It appears that the overall commodities prices are falling right now, as explained by the supercycle theory. However, there is a lot of money printed worldwide. The new money is offsetting and slowing down the commodities price fall. Cheaper resources and cheap money caused cheap industrial production and is fueling world-wide deflation. We begin to see huge world-wide infrastructure projects that offset the deflation pressure [huge megacities in China and India, second Panama and second Suez canal are considered, new round of space race etc]. Another way to offset deflation pressure is to mount a war, and the number of conflicts is probably rising. It will probably take some time until the new projects stop deflation, in the meanwhile the prices go down. Copper prices are most concerning since Dr Copper is a leading indicator for global slowdown.