Commodity trends are driven by four sets of factors: fundamental, geopolitical, structural and cyclical. Today, these are all supportive and underpin commodity price trends, especially for base metals and energy. Among the historical drivers, we have GDP growth and economic cycles. During the recovery phase, commodities – mainly cyclical ones – have performed well, driven by fundamentals such as improving economic activity, infrastructure and cyclical demand in general. Not surprisingly, in 2021 commodities closed the significant undervaluation gap with growth that had been built during previous years and caught up during the economic recovery.