I Saw the Sign for Base Metals

Another day where we are hearing tons of bloviating about the deflationary nature of AI and the disruptions to life as we know it. 

But it is also another day where base metals and miners are rocking to the upside to virtually no fanfare.

Specifically, copper and aluminum stocks are smoking hot. COPX is the copper miner ETF with a strong daily and weekly chart look. But aluminum stocks like AA CENX KALU continues to act well, again, with very little in the way of buzz from market players and pundits. 

At a minimum, coupled with the recent breakout in wheat, this does not seem deflationary. A March FOMC rate cut is virtually off the table for the time being. And even if you dismiss crude's recent push higher as being solely due to Iran worries, the latest PCE came in hot to the point where it is getting increasingly difficult to say, with a straight face, that inflation is only due to a one-time tariff impact price increase.  

The global materials miners, like BHP (below on the daily chart) continue to flash red lights that inflation is still a menace. Trump will most certainly be dismissive of inflation and affordability in tonight's State of the Union Address. 

But I saw the sign. Did you?