The first phase rewarded chipmakers, cloud platforms and data-centre operators. The next phase may reward the fuel required to keep the machines running.
AI cannot scale without reliable electricity. Data centres need constant power. Grid connections are becoming a bottleneck. Renewables remain essential, but intermittency means dispatchable Energy remains critical. That places Natural Gas at the heart of the AI infrastructure buildout.
“AI is creating a power-demand shock that technology stocks cannot solve by themselves,” Hansen says. “The market has priced the intelligence layer. It has not fully priced the Energy layer that keeps the entire system alive.”
Copper Is Breaking Into Uncharted Territory
Copper is now delivering one of the most important signals in global markets.
Prices have broken above $6.40 per pound, closed higher than any month in history and entered price discovery. This is no longer just a traditional industrial-growth trade. Copper is becoming the wiring of the AI economy, the grid economy and the electrification economy.
Data centres, transformers, cooling systems, power networks, defence infrastructure and clean-energy projects all require enormous metal intensity. That demand is arriving while mine supply remains constrained and inventories are historically tight.
The bigger picture is even more powerful. The last time Commodities traded near current technical levels, they went on to double. In 2004, the sector crossed a multi-decade resistance line and rallied 72% over the following four years. That level has only been touched three times in 50 years. Today, Commodities are testing it again.
“Copper is not just participating in the breakout,” Hansen says. “It may be leading it.”
Aluminum is also tightening, with falling inventories, Middle East supply disruption and extreme backwardation pointing to growing concerns over physical availability.
The Commodity Repricing May Be Just Beginning
June is not just another trading month. It could be the point when traders realize the biggest opportunity of 2026 is not hiding in crowded technology names, but in the hard assets powering the next phase of the global economy.
Oil is the geopolitical shock trade. Natural Gas is the AI power trade. Copper is the infrastructure trade. Aluminum is the scarcity trade. Precious Metals are the inflation trade.
Together, they form one of the strongest Commodity setups in years.
The question is no longer whether Commodities present a bullish case.
The real question is whether traders are positioned before the June breakout becomes impossible to ignore.