Source

Core Thesis

When oil turns (peaks/corrects), a lot of that capital will rotate into other commodities — in particular coal and copper. This is a second-order flow effect: energy traders don't go to cash, they move down the commodity complex.

Specific Tickers

• FCX (Freeport-McMoRan) — US copper pure play. Already in ai-infrastructure watchlist.
• TECK (Teck Resources) — Canadian version. Copper + metallurgical coal exposure. NOT currently tracked.

Key Insight

"When oil turns I think a lot of that money will move in other commodities in particular coal and copper. US co is Freeport, Canadian version Teck."

Integration Notes

• FCX already tracked in ai-infrastructure watchlist
• TECK added to macro-commodities watchlist
• COPX (copper miners ETF) already in macro-commodities
• This thesis extends the iran-war-oil perspective: oil correction → commodity rotation → copper/coal beneficiaries
• Aligns with war-ends-playbook (COPX already a war-ends trade)