punky dollar, spunky comms
As might have been expected, maybe some money coming into oversold commodities to begin the year.
The larger backdrop is continued dollar weakness. Conventional thinking has been that the dollar will begin to strengthen based on tax cuts and capital inflows. That may come to pass but for now no hint of anything in the chart other than that the correction from the late '14- early '15 run up of 20+% is still in play and there's quite a lot more room on the downside before that view is challenged.
For now it is a positive for comms and for the economy in general- or at least the stock market as it favors profitability for US based multi-nationals. The 10% depreciation in '17 probably added half a point to GDP (and the previous depreciation probably detracted that much, or more).