If the animal spirits are driving commodities...

Commodity prices are up, but that doesn't necessarily stem from real demand. As Andy Xie and others have said, speculation and inflation expectations are driving commodity prices. Then it is easy to understand how this headline can exist: China CPI Likely Falls In May.
Ha Jiming, chief economist at China International Capital Corp., forecast May's consumer price index to fall 1.2 to 1.4 percent year-on-year led by a drop in pork and vegetable prices over the month.

Industrial Bank's head economist, Lu Zhengwei, predicted May's CPI to fall 1.3 percent year-on-year, and noted that some distortion likely resulted because of high May 2008 figures.

A reversal in the markets is due, but not yet.

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