By Dimitri Kryukov
Emerging markets are seeing strong growth without the support of the developed world. That bodes especially well for one emerging market: Russia.
Despite the pull-back in prices over the last couple weeks, most key commodities have at least reached their pre-2008 highs. From oil to iron ore to wheat, the run-up that began in the late 1990s is continuing.
It is becoming increasingly difficult to argue that this trend is something temporary, that commodity prices will revert to their century-long gradual decline. Instead, the evidence suggests that for the first time since the end of the 19th Century growth in demand is rising ahead of the world’s ability to increase supply.
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