DON'T FORGET ABOUT STEEL While copper, with reason, is seen as one of the key metals of the coming decades, steel has been lagging most other metals. Time for a catch-up? Indeed, while the iron-to-copper ratio's momentum remains negative, iron miners have begun to catch up with (outperform) copper miners, as the below SLX-to-COPX ratio shows. The ratio's positive monthly MACD suggests that iron miners are likely to outperform over the short- to medium-term. While reaching the ratio's long-term trend would imply a +35% outperformance, reaching 1.5 standard deviation above it would increase this performance to +55%. This could justify some percentage allocation to steel producers. $SLX $COPX