Prix des matières premières : vers un nouveau super cycle ?

July 7, 2021

Durant les années précédant la crise sanitaire, l’inflation n’était pas un sujet de préoccupation pour les économies surtout occidentales, habituées depuis plusieurs décennies à une certaine stabilité. Vers fin 2019, l’évolution des prix à la consommation était contenue en dessous de 1,5% en Europe, et 2% aux Etats-Unis. Le cours du pétrole avait baissé de 10% sur l’année et les cours des métaux industriels et des matières premières agricoles étaient en recul. Cependant, la situation actuelle présage d’un renversement de tendance. Depuis le creux de juin 2020, les cours des céréales ont presque doublé pendant que ceux des métaux industriels ont progressé de plus de 80%. Le redressement des prix du pétrole était plus étonnant, avec un cours du Brent passé de 17 dollars le baril à près de 70 en l’espace d’un an. Ce mouvement a d’abord été initié par des contraintes pesant sur l’offre : il s’agit notamment de défis climatiques qui ont affecté les récoltes, la contraction de la production minière sous l’effet des mesures sanitaires, le durcissement des quotas de production par l’OPEP, etc. Depuis, la demande mondiale s’est raffermie, enflammée par un puissant mouvement de reconstitution des réserves de précaution, sous la crainte d’une pénurie mondiale. L’activité logistique a considérablement pâti de perturbations : conteneurs insuffisants ; hausse des prix des palettes en bois, voire même des emballages ; ainsi qu’une pression notable sur les coûts du fret maritime. Dans l’ensemble, les tensions inflationnistes commencent à se manifester tout au long de la chaine de production, augurant d’une hausse éventuelle des prix à la consommation. La trajectoire actuelle des prix des commodités, conjuguée à d’autres facteurs confluents, y compris des perspectives de croissance économique favorables, soutenues par des politiques monétaires et budgétaires accommodantes ; annoncerait peut-être un nouveau super cycle des matières premières.

Speakers
Yves Jégourel
Senior Fellow
Yves Jégourel is Senior Fellow at Policy Center for the New South as well as Full Professor and head of the Chair in “Economics of Raw Materials and Sustainable Transitions”, at the Conservatoire national des arts et métiers. He was previously a professor at the University of Bordeaux, where he directed the Master program in Banking, Finance and Commodity Trading (BFCT) and was vice-dean in charge of relations with companies in the Faculty of Economics, Management and ESA (EGAES). He devotes his teaching and research activities to the economics of commodities, with a particular focus on the common dynamics that characterize the agricultural, energy, and mineral and metal sectors: the internationalization of physical markets, the macroeconomic dependence of exporting countries ...
Marie-Louise Djigbenou-Kre
Economist, Central Bank of West African States (BCEAO)
Marie-Louise Djigbenou-Kre is an economist-researcher at BCEAO and a professor at the Centre Ouest Africain of Training and Banking Studies (COFEB) and at Cheikh-Anta-DIOP University in Dakar. She was previously an economist at the Bank of France, where she worked specifically on issues related to global liquidity and its effects on financial markets and emerging economies. During the same period, she was a professor at Sciences-Po. In 2015, she joined the BCEAO, where she actively participated in the elaboration of growth forecasts and the main aggregates necessary for the economic policy decisions of the eight member states of the West African Economic and Monetary Union (WAEMU). ...
Helyette Geman
Senior Fellow
Helyette Geman is Senior Fellow at the Policy Center for the New South, Director of the Commodity Finance Center at Birkbeck, University of London, and a Research Professor at the Johns Hopkins University, who focuses on Probability, Commodities and Finance. She was Chairman of the Finance Department at ESSEC Business School from 1988 to 1995, and the Director of Dauphine Master 203 at the University of Paris Dauphine from 1995 to 2005. Helyette Geman is a Graduate from Ecole Normale Supérieure in Mathematics and holds a PhD in Probability and a PhD in Finance. She worked as a scientific expert for EDF Trading, Louis Dreyfus, BMP Billiton, Bunge Invivo and financial institutions. Her book “Commodities and Commodity Derivatives” published in 2005 by Wiley Finance has become th ...
Abdellah Mouttaqi
Secrétaire Général, ONHYM et Membre du CESE
Titulaire d’un Doctorat d’Etat en 1997, Abdellah Mouttaqi, actuellement Secrétaire Général de l’Office National des Hydrocarbures et des Mines (ONHYM), avait commencé sa carrière en tant qu’enseignant chercheur à la faculté des sciences de l’université Cadi Ayyad de Marrakech. Il a rejoint l’ONHYM en 1998 où il a occupé plusieurs postes de responsabilité. En 2011, il est nommé par Sa Majesté le Roi Membre du Conseil Economique, Social et Environnemental (CESE). Titulaire de plusieurs publications sur les ressources naturelles, le développement durable et le développement humain, il est également administrateur de plusieurs compagnies minières, de la Fédération de l’Industrie Minérale, Vice-Président de l’Institut Marocain des Relations Internationales, Président de l’Associati ...
Francis Perrin
Senior Fellow
Francis Perrin is a Senior Fellow at the Policy Center for the New South who focuses on energy.  Following studies in economics and political science at the University Pierre Mendès France (UPMF – today University Grenoble Alpes) at Grenoble (France), Francis Perrin worked for several years as a journalist and freelance consultant on energy and mining resources before joining in 1991 the Paris-based Arab Petroleum Research Center (APRC). He was editor in chief of Arab Oil & Gas (AOG) and Pétrole et Gaz Arabes (PGA) between 1991 and 2000 and editorial manager of the publications of the APRC from 2001 to the end of 2011. Francis Perrin set up at the beginning of 2012 Stratégies et Politiques Energétiques (SPE) and later Energy Industries Strategies Information (EISI).   Pr ...
Isabelle Tsakok
Senior Fellow
Isabelle Tsakok, development practitioner, policy analyst, researcher, and teacher, is a Senior Fellow at the Policy Center for the New South. She grew up in the Republic of Mauritius, a multi- lingual, multi-ethnic and multi-cultural society. She holds a PHD in Economics from Harvard University, and a BA in Phil/Econ from the London School of Economics. As World Bank staff and consultant, she has focused on agricultural and rural development including on issues of agricultural transformation, food security, and poverty reduction. She has worked in most regions of the developing world, including Africa –North and South of the Sahara; Asia - South, Southeast and East; and Latin America. She has taught courses on agricultural policies and institutions at the World Bank; the Scho ...

RELATED CONTENT

  • Authors
    Benjamin Augé
    March 20, 2020
    L'épidémie de coronavirus vient encore davantage affaiblir les économies du golfe de Guinée déjà particulièrement fragilisées par un secteur pétrolier localement en crise depuis plusieurs années. La rapide baisse des cours va mettre à nouveau à rude épreuve des systèmes qui ne parviennent pas à se réinventer et à se diversifier afin de se prémunir des travers souvent constatés au sein des Etats rentiers. Outre l'impact économique, ce sont également les potentielles difficultés d'ord ...
  • Authors
    Hamza M'Jahed
    March 11, 2020
    West Africa has always played an essential role in African geopolitics. Although less thought of than north, south and east Africa, because of their envied strategic openings into both the Mediterranean Sea and Indian Ocean, West African countries are transforming themselves into a major African hub. For Britain, the completion of Brexit heralds a new era in its contemporary history. In this framework, West Africa is a crucial region for the United Kingdom’s long-term strategic goal ...
  • Authors
    March 2, 2020
    2020 is an important year for the international climate agenda despite a general loss of momentum and resurgence of the divide between traditional polluters, emerging polluters, and the most vulnerable countries. While African countries only contribute to 4% of global GHG emissions, their capacity to adapt to climate change’s devastating impact on societies, livelihoods, economies, and ecosystems is limited. This paper provides a synthesis of the existing literature and recent devel ...
  • February 27, 2020
    Le Royaume du Maroc, dépourvu de pétrole et de gaz, s'est tourné, dès 1960, vers les énergies renouvelables, privilégiant alors l'hydroélectricité et la construction de barrages. Pour autant, l'essentiel des centrales électriques du pays était et demeure alimenté en gazole ou en gaz, impactant lourdement sa balance des paiements. Depuis, la demande d'électricité n'a cessé de croitre, d'une part, du fait du développement du pays et, d'autre part, suite au recours à des désalinisateur ...
  • February 27, 2020
    The Kingdom of Morocco, which has no oil and gas, has shifted to renewable energy as early as 1960, giving priority to hydroelectricity and the construction of dams. However, most of the country’s power plants were and remain powered by diesel or gas, which has a heavy impact on its balance payments. Since then, the demand for electricity has continued to grow due to the country’s development on the one hand and, as a result of the use of desalination facilities on the other hand, w ...
  • February 21, 2020
    To strengthen the role of youth as agents of community development, the Policy Center for the New South launched a year ago a call for projects grounded in new and innovative approaches to existing local problems. The iCAD is an environmental friendly business whose goal is to recycle h...
  • February 21, 2020
    To strengthen the role of youth as agents of community development, the Policy Center for the New South launched a year ago a call for projects grounded in new and innovative approaches to existing local problems. RENEWIT’s aim is to help with the socio-economic situation in Guyana thro...
  • February 21, 2020
    To strengthen the role of youth as agents of community development, the Policy Center for the New South launched a year ago a call for projects grounded in new and innovative approaches to existing local problems. The Oasis Agrytech Hackathon project is aiming to preserve the Draa Tafil...
  • Authors
    Hynd Bouhia
    February 18, 2020
    The future of our environment, ecology and biodiversity raises a number of questions. Vigilance is critical to preseving both Morocco and the planet for future generations. This Paper highlights the importance of ongoing government, private sector and civil society initiatives to ensure adaptation to, and mitigation of, climate change. Morocco is at the forefront of this momentum, as illustrated by the organization of the COP22 in Marrakech in 2016, the implementation of a National ...