Shanghai
FROM the Dutch tulip craze of 1637 to America's dot-com bubble at the turn of the century, history is littered with speculative frenzies that ended badly for investors.
But rarely has a mania escalated so rapidly, and spurred such fevered trading, as the great China commodities boom of 2016. Over the span of just two wild months, daily turnover on the nation's futures markets has jumped by the equivalent of US$183 billion, outpacing the headiest days of last year's Chinese stock bubble and making volumes on the Nasdaq exchange in 2000 look tame.
What started as a logical bet - that China's economic stimulus and industrial reforms would lead to shortages of construction materials - quickly...
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