I'm Buying: The Commodity Cycle Is Getting Broader

For the last few years, we've been talking about one big idea: We are in a commodity cycle. But commodity cycles don't move in a straight line, and they sure as hell don't all move at the same time. Leadership rotates. Energy leads for a while. Precious metals wake up. Agriculture starts working. Then another part of the complex begins tapping you on the shoulder. Right now, I'm paying very close attention tobase metals and steel. Look at our Commodity & Hard Asset leadership table. Oil refiners and energy are still sitting near the top, but underneath them we're seeing copper miners, junior copper miners, steel and broader industrial metals moving higher in our relative strength work. That's exactly what I want to see. Copper itself is making record highs, while supply constraints and demand from power infrastructure, data centers and electrification continue to support the broader industrial-metals story. This isn't just an energy trade anymore. The commodity cycle is broadening. Subscribe now