Each commodity is different.
Outperformance in gold is an example of potential.
The plight of the producers of metals, minerals and energy.
BHP and RIO show real promise, Glencore too.
The deviations and correlations create opportunity.
Many commodity prices hit multiyear lows in late 2015 and early 2016 but have recovered over recent months. The price of crude oil fell to $26.05 per barrel in February but recovered to above $50 and stood at over $44 at the end of last week. Iron ore, the critical ingredient in steel, fell below $35 per ton earlier in the year and is now just below $60. Copper fell to $1.9355 per pound and was $2.14 last week. One group of commodities that recovered and kept going was precious metals. Gold has moved from $1,060 at the start of this year to above $1,340. Silver rallied from $13.80 to $19.75, and platinum is up from $812 to $1,130. Even grains and soft commodities have exhibited signs of life this year.