Geopolitical tensions and an Iranian missile strike on Israel are dominating headlines, pushing crude oil prices higher as fears of supply disruptions escalate.
But there’s another key driver adding structural bullishness to commodities: China’s largest stimulus package since the pandemic, with the promise of more to come.
Meanwhile, WTI (WTI) and Brent (BZ=F) crude oil are surging with Iran's missile attack on Israel, with the former jumping nearly 8% Tuesday.
"Underinvestment in manufacturing, single-family [homes], [and] mining over [the] last decade should drive [materials prices] higher," noted the bank.
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