The article explores why commodity prices rose in the mid-2000s and after the 2007-2009 recession. Some say it was due to global industrial growth, while others blame central banks for injecting too much money into the financial system. The study includes data from emerging economies like Brazil, Russia, India, and China to see how they affect commodity prices and global liquidity. The results show that both global industrial growth and excess liquidity play a role in driving up commodity prices. Including data from emerging markets helps us understand how unexpected changes in global money flow impact commodity prices more than demand shocks. Policymakers and researchers should consider these factors when studying commodity prices and monetary issues on a global scale.