Commodities – now what?

By Glen Heinrich, Analyst, Perpetua Investment Managers

2016 finally marked the turning point for many commodities (and the companies that produce them).  After multi-year price declines based on overcapacity on the supply side and/or a reduction in demand expectations, many commodities launched a spectacular recovery in 2016, with Iron Ore up 86%, Thermal Coal up 68% and Brent Crude up 46% year to date.

Not all industrial metals have reacted in the same way with Copper up 18% year to date and the precious metals (Gold and Platinum) up 5% and 2% respectively.

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