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The commodity price rally has entered in the third year of its super cycle. While crude oil, metals, coal and steel have seen some of the sharpest rallies, what has also disturbed markets, companies and emerging market economies is the fear of trade wars that can have a major destabilising effect.
The rally has impeded a revival in capex which has been dwindling the past four years of Modi government rule, despite the initial euphoria, with inflation and higher interest rates haunting companies and markets. Post FY16, international base metals and crude oil are up almost 50 per cent, steel
