The market is witnessing a shift towards inflation-sensitive equities like materials and energy, indicating a possible resurgence of inflation. Copper demand is expected to rise due to factors such as energy transition, data centers, and military equipment production, while mining supply is projected to peak in the next two years. Commodities, including crypto, are making a comeback, with copper and energy stocks showing significant growth. The industrial cycle seems to be improving, with signs of a bottoming out and expansion in the global manufacturing PMI. The BCOM Total Return index is displaying upward movement across all sectors, suggesting a breakout in commodities. The copper-to-S&P 500 ratio is showing a potential double bottom, driven by the green revolution and electrification efforts.