Across the world the cost of basic commodities is soaring. Endless demand from China is blamed for the record price of copper; flood, fire and drought for boosting the cost of food; and political tension in the Middle East for the sharply-rising price of oil. But are such fundamental forces the whole story? Michael Robinson asks whether investors and speculators are making prices more volatile and examines the role of the giant traders, banks and companies which now increasingly dominate the world's commodity markets.