I think of the broad indices as leaders and the commodity producers (COPX etc.) as followers. Granted, the producers had been driven into the ground. But surely the producers can't lead for very long.
Bottom in Baker Hughes Oil Rig Count last August was the tell. And as I notated on right hand side of attached chart you got till March of next year to "make hay", give or take a similar 6 month lag time. Absolutely, without a doubt .... maybe.
This is pretty standard cyclical action in an economic recovery. Buying commodity related stocks when they are disliked often leads to huge returns; as much as top IT performers in many cases just not as high profile in nature. I based a lot of my trading in March 2020 forward on what I experienced in 2009-2010 and the mistakes I made in that time period ( mostly missed opportunities and selling winners way too early in things like copper stocks ).
It's been here for quite some time. Just take a look at those ounces and pounds in most goods you buy.....less is more
I read that when inflation comes, energy does well. Things that are most flexible in pricing, ya know.
They say that commodities are the place to be during hyper-inflation. Personally I think unemployment is too high for hyper-inflation to occur but I could be wrong and often am.