Industrial product prices rose 2.7% in January, crushing expectations for a 0.2% gain and more than offsetting last month’s decline…

… led by an 18% increase non-ferrous metals products - with gold, silver, and copper all having a huge month.

That translated to an 8% jump in raw materials costs, with metal ores rising nearly 16% and crude products gaining 5%…

… the first up month in the last seven, driven by both internal and external pressures on Iran - who accounts for ~5% of the world’s oil production…

… with much of that (1.6M bpd) heading for international markets (mostly China). Given the US has cranked up the pressure in recent weeks…

… the theme could have some staying power, acting as a tailwind to February’s print.