Thanks for the detailed answer.
I will add that throughout 2020 I have become more and more focused on watching the $USD. Given that all the important commodities are valued in $US, when the greenback goes down, their prices by definition go up.
Hence I think of the $USD as the tide that lowers and raises all commodity prices, while the supply and demand dynamics of each particular commodity are the waves on top of the water.
All that said, I think 2021 will be a year when the declining %UD will deliver us gains in pretty well all commodities. Currently, like you I am probably overweight PMs as compared to BMs, but I think that will pay off later in 2021
Good luck to us all for next year. Have a healthy and happy holidays!
LC