For example, according to the International Monetary Fund, China was responsible for 51 per cent of the growth in the world copper market from 2002-2005, 54 per cent of the increase in the steel market, 48 per cent of aluminum growth and 87 per cent for nickel.1  Figure 1: Global growth and growth in real commodity prices2  1  Quoted in Financial Times (2007) “Non-financial risks series: Mining groups encounter tough lessons” June 4.
2  The CRB commodity price index measures movements in global commodities, both ‘hard’ and ‘soft’. It includes energy, grains, industrials, livestock, precious metals, and soft commodities. BIS Review 63/2007  1  Initially, the increase in world commodity demand was most obvious in the oil price boom, followed by industrial commodities.