Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Global Metals & Mining Playbook – July 2025

Tianqi Lithium (002466.SZ / 9696.HK): Rebuilding Via Expansion, Valuations Appear Reasonable

Zijin Mining (2899 HK): Fair Value Still 25% Higher Despite IPO Discount Risks

Commodities

<ul>
<li>The S&amp;P GSCI (GSG) and Bloomberg Commodity Index (BCOM ETF) are the two key benchmarks for commodity investing, but both track futures contracts, not spot prices.</li>
<li>Over 10 years, spot oil, copper, and gold rose strongly, yet these indices delivered flat to negative returns due to roll yield drag, rebalancing, and higher fees.</li>
<li>They work best as tactical inflation hedges — GSCI for high-beta oil exposure, BCOM for more diversified commodity exposure — not as long-term compounding assets.</li>
</ul>


The S&amp;P GSCI (GSG) and Bloomberg Commodity Index (BCOM ETF) are the two key benchmarks for commodity investing, but both track futures contracts, not spot prices.
Over 10 years, spot oil, copper, and gold rose strongly, yet these indices delivered flat to negative returns due to roll yield drag, rebalancing, and higher fees.
They work best as tactical inflation hedges — GSCI for high-beta oil exposure, BCOM for more diversified commodity exposure — not as long-term compounding assets.


Understanding Commodity Indices: S&P GSCI (GSG) Vs Bloomberg Commodity Index (BCOM ETF)

Dow Jones Commodity Index

Understanding Commodity Indices: S&P GSCI (GSG) Vs Bloomberg Commodity Index (BCOM ETF)