While we’ve outlined that we’re not quite in the next supercycle, there are signs to watch out for that point to financial growth in the market.

• Deeper policy commitments to the energy transition by global players. When popular talking points start showing up in policy with dollars attached, be ready.
• Money pouring into metals and oil. For metals, this includes investment aimed at boosting supply, as well as private equities looking for exposure. For oil, U.S. shale's short-cycle carries significantly lower risk.
• Strength of economic recovery. Suppressed demand is expected to explode for the next few quarters, but much rides on how effectively economies reopen.
• Higher inflation and weaker U.S. dollar. Inflation fears find refuge in commodities and now cryptocurrency. Will there be more fiscal stimulus?

Are cooperatives seeing a commodity bull market or a supercycle?

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