Commodities 2026
The FJ Research Ranking, the Bottlenecks, and the One Equity Expression for Each Theme
The core idea
Commodities are not one market.
2026 will not reward broad exposure, commodity ETFs, or recycled supercycle narratives.
It will reward precision, scarcity, forced demand, and clean equity expressions.
Most investors look at commodities through price charts.
That is a mistake.
The correct framework is to view commodities as physical systems under stress, governed by geology, politics, capital discipline, and time.
This report ranks commodities for 2026 using five criteria that actually matter:
Physical tightness and time required to add supply
Whether demand is discretionary or forced
Geopolitical asymmetry and policy interference
Capital cycle positioning and industry discipline
Availability of a high-quality public equity that expresses the thesis cleanly
Glencore is the reference lens because it lives inside the flows.
It touches copper, zinc, coal, oil, and precious metals simultaneously.
Its capital allocation decisions reveal where real scarcity is forming.
This is not macro commentary.
It is a decision framework.
What you will get next
Behind this paywall, you will receive:
• A clear ranking of the most to least attractive commodities for 2026
• A single, high-quality public equity expression for each commodity, selected using the same standards I apply to my own capital
• A deep explanation of why each equity fits the commodity setup, including cost structure, balance sheet resilience, and strategic positioning
• A risk-reward assessment focused on downside survivability, not upside fantasy
• A framework to distinguish true bottlenecks from crowded narratives
If you want a serious, professional, execution-ready view on commodities in 2026, this is the work that matters.
The FJ Research Commodity Ranking for 2026
Rank #1:
