Commodity prices are up – who wins, who loses?

• Commodity inflation is here to stay in 2021; upstream commodity stocks have done well YTD and there is still upside
• The increase in metal, energy and agri commodity prices will potentially impact the margins of downstream commodity consuming industries
• However, the impact will not be uniform, some industries with better end-customer demand would be able to pass on the higher costs more easily than others
• We identify the winners and losers of this ongoing commodity boom in this report