At Any Rate Global Commodities: Are Commodities the Market’s Crystal Ball?
Feb 13, 2026
Greg Shearer, Head of Base & Precious Metals Research at J.P. Morgan, offers expert metal-market perspective. They cover whether recent commodity swings signal a turning point or just a correction. Conversation ranges from supply-driven divergence between metals and energy to gold’s structural demand story and near-term uncertainty for industrial metals and oil.
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Reflation Is The Dominant Demand Driver
- Global reflation and expansionary fiscal policy are driving commodity demand into 2026.
- Less restrictive monetary policy plus capex and AI spending support sustained commodity consumption.
Position For A Metal Rebound
- Treat the recent commodity sell-off as a healthy correction rather than a market turning point.
- Use the episode's view to consider buying opportunities in metals while expecting more weakness in energy.
The Supply-Driven Commodities Regime
- Commodities shifted from a demand-driven to a supply-driven cycle starting in 2024.
- That divergence explains why metals rose while energy reset lower and will likely persist through 2027.