The last few years have seen a resurgence of creative effort in commodity price analysis, following a decade or so when analysts exploited but did not greatly extend the brilliant achievements of the 1920's and early 1930's. Much of the current research is the product of new talent. Some, however, including the publication reviewed here, is contributed by members of the original school. This study reflects insight and maturity gained from long experience. It also presents some new viewpoints and techniques in an always challenging area.