Commentary The Bloomberg Commodity Index has bounced more than 2 percent in the first week of January. At the close of Jan. 10, most commodities are rising well above global GDP growth estimates. China re-stocking, inventory build-up, and economic recovery added to a cold winter have driven iron ore and energy commodities much higher, even after a strong bounce in the second half of 2020. Oil has soared 7 percent year-to-date driven by OPEC cut commitments and rising heating demand, and natural gas has risen between 6 and 8 percent in most regions because of the cold spell affecting many developed countries. Iron ore is up more than 6 percent, copper higher than 4 percent, and aluminum rising 2 percent alongside soybeans, corn, sugar, and cotton. On the other hand, global GDP growth estimates are unchanged in the past two weeks despite the vaccine rollout and positive news about trade …