Drilling is not picking up, despite the rising geopolitical tensions.
There are 2 trades now, depending on how you see the Iran conflict playing out.
Copper equities will keep reaping the benefits, until central banks close the taps.
We could be staring at one of the more opportune times to be a bull in the lean hog market than we've seen in years.
The oil market has been hurt by increasing supply from U.S. shale, despite Iranian and Venezuelan oil sanctions and prices propped up by OPEC+.
As long as central banks are pumping liquidity, it will continue to drive asset prices higher. Copper should be a beneficiary into the new year.
With Trump touting a trade deal and more liquidity being pumped in by global central banks, this is a good time for equities, commodities and risk assets.
Inflation will be a big theme for 2020 and commodities will benefit the most -- especially copper and iron-ore.
And we could be in the middle of the perfect storm for oil markets, where prices can rise aggressively through the first quarter.
A look at the the Baltic Dry Index, the prices of corn and soy, and other data give a clear picture of what's going on during this 'phoney' war.