Commodity Strategist What did we learn at our commodity conference?

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Commodity Strategist What did we learn at our commodity conference?

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Commodity Strategist

What did we learn at our commodity

conference?

Commodities are re-emerging as a core asset class 22 June 2026

We held our 2026 Virtual Commodity Conference on June 15-16. Many sessions centered Commodities

around the idea that supply chain security—particularly in energy and critical minerals— Global

has become a central pillar of U.S. economic and national security strategy, reflecting Global Commodity Research

rising geopolitical competition and China’s structural advantages. At the same time, a BofA Europe (Madrid)

broader macro shift—driven by inflation, fragmentation, energy transition, and AI—has Francisco Blanch

re‑elevated commodities as a strategic asset class and policy priority because of their Commodity & Deriv Strategist BofA Europe (Madrid)

diversification, inflation protection, and low correlation with equities and bonds. Across +34 91 514 3070

energy, agriculture, and metals, persistent supply constraints, geopolitical risks, and francisco.blanch@bofa.com

structural demand growth point to a volatile but supportive medium‑term backdrop. Michael Widmer Commodity Strategist

MLI (UK)

Energy markets show exceptional resilience on US, China michael.widmer@bofa.com

The US has emerged as an energy “supplier of last resort,” stepping in when disruptions CliftonCommodityWhiteStrategist

occur, yet it remains closely tied to global forces such as Hormuz tensions. Most energy BofAS

players are gradually adapting to uncertainty through increased storage, diversification, clifton.white@bofa.com

and a focus on resilience. Plus, China is increasingly playing a critical balancing role AndyFICC QuantPhamStrategist