The market has become very optimistic about commodities and there is already talk of a new super cycle, a thesis that, although it remains to be developed, we subscribe to FYNSA. There are several reasons to believe that the current rally still has room to consolidate:

• Synchronized global growth plus high liquidity: with multiple vaccines about to be distributed, economic risks and concerns about another wave have diminished at the margin.
• Accelerated fiscal stimulus, intensive in raw materials.
• The weakness of the dollar: there is an inverse relationship between the price of the dollar and the price of raw materials (denomination effect).
• China's growth will remain strong as will demand. Given some delays in execution this year, several infrastructure projects will be carried forward to 2021.
• Lack of relevant supply additions: In several commodities, we observe a lack of relevant supply additions in 2021 explained mainly because we come from years of a very low level of investments in the sector.