There is a more straightforward explanation for the scarcity: the surge in commodity prices is simply the result of exploding demand and sluggish supply.

We can't seem to put down Austen, or leave her alone, or get to the end of her. She has become a commodity for which there is an infinite demand.

Because China's construction sector accounts for a big part of global demand for raw materials such as steel and copper, housing also will help determine the path that commodity prices take.