The melt-up in the commodity complex as represented by the DJ Commodity Index is breaking key topside resistance levels.
Above is a 3YR+ chart of the DJ Commodity price index vs. the one month realized volatility. The index is making breaking out to new highs while the actual volatility in the one month making new lows.
WTI is just clearing topside resistance but with a rather uninspiring rise in momentum.
Similarly with Copper. The LT chart continues to show rising LT momentum.
And like the broad commodity index, Copper realized volatility is now under 9%.