Just in the 5 months to 2021, commodities have seen an upto 80% rally. Many of them have already crossed their 2008 peaks. Copper, iron ore, are at all time highs and the rally has spread to lesser tracked agro commodities like Lumber and Corn too. The latest triggers for metals have been:
*China’s super-fast recovery and demand growth
*China’s new Steel supply reform that cuts output, discourages exports
*China and global decarbonization drive that will demand more Copper
*Supply disruptions in mines worldwide
For agro commodities, the rally has been led by factors affecting different geographies that have maximum acreage of the same commodity.
*Corn: drop in acreage, supply side fears
*Lumber: home buying and renovation activity, supply shortage
*Soybean oil: high biodiesel demand, high China demand
*Palm oil: Strength in vegetable oil complex, labour shortage
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