There is a significant change in the relationship between commodities and equities. If you would like to call it the single factor effect - equities and commodities moved together with the swing down in global growth. The markets were also linked by global fears which was displayed through RORO behavior. That is now over. Commodities are responding to local supply and demand events and stocks are linked to valuation sentiment.
The diversification story for holding commodities is now back.
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