A Deep Dive into the Commodity Supercycle

Commodity | 2 Feb 2026

Executive Summary

A new, broader commodities upcycle may be in its early innings. This cycle appears less concentrated than the China-led boom of the past, with strength across precious metals, base metals, industrial metals, rare earths, lithium and energy.

Infrastructure, electrification and national security are reshaping demand. Data centres, power generation/transmission/storage and resilient supply chains point to structural support for copper and uranium, with rare earths also highlighted amid strategic resource dynamics.

Positioning matters: equity exposure vs. royalties for risk-adjusted access. Regal outlines two approaches: long/short resources (lower net market exposure) and high-conviction long exposure, alongside royalties/streaming for potentially lower volatility and a more direct income linkage to production and commodity prices.

A new commodities upcycle may be emerging, but its drivers differ from the China-led boom of the past.

In this episode of the GloryHouse Podcast, GloryHouse Managing Partner Cathy Ding speaks with Charlie Aitken, Group Investment Director at Regal Partners, about scarcity, resource nationalism and the demand created by AI infrastructure, electrification, defence and supply-chain security.

The discussion spans precious metals, copper, uranium, rare earths and energy. Charlie explains why this cycle may be broader than previous commodity booms and how data centres, power generation, transmission and storage are reshaping long-term demand.

The episode also compares different ways to access the resources sector. Long/short strategies can reduce net market exposure and focus on relative value; high-conviction strategies accept greater directional exposure; royalty and streaming structures may offer a more direct link to production and commodity prices while reducing some operating risk.

Commodity investing remains cyclical and volatile. Supply, regulation, geopolitics, project execution, currency movements and valuation can all affect outcomes, so portfolio position and risk management matter as much as the underlying theme.

About Charlie Aitken

Charlie Aitken is Group Investment Director at Regal Partners and has extensive experience across Australian equities, resources and investment strategy.

About Regal Partners

Regal Partners is an Australian investment manager with strategies across public and private markets, including resources-focused capabilities.

About the GloryHouse Podcast

GloryHouse Wealth Management produces the GloryHouse Podcast for high-net-worth families, business owners and globally connected families, exploring wealth management, asset allocation and long-term investment themes.

Disclaimer

This video has been prepared by GloryHouse Wealth Management Pty Ltd (ACN 690 671 606), Corporate Authorised Representative (CAR) of GloryHouse Investments Pty Ltd (ACN 690 671 553, AFSL 700198). The content in this video is provided for informational purposes only and does not constitute financial, investment, legal or tax advice. This material is intended solely for wholesale clients as defined under section 761G of the Corporations Act 2001 (Cth) and is not intended for retail clients. Any views expressed are general in nature and do not take into account your personal objectives, financial situation or needs. All investments involve risk. Past performance is not a reliable indicator of future performance.