Hong Kong’s Coca-Cola drinkers are the commodities boom’s latest victims. Cans there are being cut in size from 355ml to 330ml. The reason? The price of aluminium has jumped by 25 per cent this year, due to rising energy prices.

The Chinese mainland’s struggling power grid exacerbates the problem. Some smelters agreed recently to cut output temporarily to reduce the risk of blackouts during the Olympics – although compliance remains to be seen. Aluminium bulls should be careful, however.