Commodity Supercycle

There is a lot of talk about a new commodity supercycle.
This chart suggest it might be ending before it starts – remember China is the largest consumer of most commodities.
After the boom decade a lot of this consumption is driven by the mini leverage and de-leverage cycles in China – summarised by a credit impulse.
The latest measure of this credit impulse is turning down, which leads commodity prices by 12 months.
h/t The Market Ear.