Commodity companies don't easily lend themselves to long-term buy-and-hold strategies, but they can still generate good gains for investors willing to be a bit nimbler with their moves. Acerinox (ANIOY) (ACX.MC) is up more than 50% from its cycle lows in 2015-2016, but these shares still appear to have some upside based on improving stainless steel demand, healthy pricing, and reasonable competition. What's more, while commodity stocks don't really trade on full-cycle cash flows, Acerinox is exiting a capex reinvestment cycle as the market is turning up - a positive development for margins