The commodities boom is no longer the tide that floats all boats as strong divergence between sub-sectors takes hold. At the same time the big indices, which have $80bn (€66bn) in funds attached to them, have languished this year, despite the price of almost all commodities being higher than a year ago.

This commodities rally began in 2001 when precious metals prices lifted off their lows. Industrial metals followed a year later, and in 2004 oil broke out of its $25 to $30 a barrel trading range. But markets are rationalising and although the boom continues, it has become a game of sector picking.