ET Now: What about the argument that there is a growing population in the emerging markets and that will support grain prices because of the need to feed more mouths?
Nouriel Roubini:
Certainly, demand for oil, energy, water and food is going to increase
in the emerging markets, thanks to a growing population and increasing
per capita income. Therefore, those commodities that are related more to
the consumption growth in China and emerging market, in relative terms,
might be the better placed - like oil - as transportation needs would
sustain demand. However, industrial metals like copper, in less
resource-intensive emerging markets, are going to do much worse in
relative terms.
