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Commodities have been among the biggest losers in 2019 to date in terms of performance. While equities have posted noteworthy gains this year, a basket of commodity prices as measured by the S&P GSCI Commodity Index has been essentially flat and is well below its yearly high. In the aggregate, this lagging performance isn’t likely to change anytime soon. Yet, when commodities are broken down on a sector by sector basis, at least two areas of strength are revealed – namely the metals and the ag commodities. In this report, we’ll focus on the intermediate-term