<p>These commodities are not the only ones. In December, the Henry Hub price for natural gas reached a three-year high driven by increased exports of Liquefied Natural Gas (LNG) and colder weather. </p>

<p>Crashes happen. And though seared into memory, they are infrequent. But for many, they remain a reference point. Today, there is a debate raging on whether the current AI capex cycle mirrors the telecom cycle of the late 1990s. And honestly, no one knows.</p>

<p>The FOMO is real. Multiple news outlets report that BHP is re-engaging Anglo American for a merger that would create a copper behemoth. BHP’s renewed approach comes nearly two years after abandoning its initial efforts to buy Anglo. At the same time, Anglo shareholders are three weeks out from a shareholder vote (December 9) to approve its merger with Teck Resources. </p>

<p>Rubber prices peaked at the end of the last commodity super cycle (2012) and experienced low prices since. Thus, farmers pivoted to more profitable crops such as palm oil. But economic growth and new technologies (EVs require more rubber in tires because they are heavier) meant that supply failed to keep up with demand. </p>