Click on all images for a larger image
Industrial prices are doing well; they have broken through the upside resistance of the consolidation pattern they were in. This break is strong. In addition, the MACD and RSI are rising and have room to run. The 10 week SMA is rising and has moved through the 20 week SMA. The 20 is turning positive but is not there yet. Prices are above the shorter SMAs which will pull them higher, but prices are still below the longer SMAs which is still heading lower.
Although agriculural prices have moved out of the triangle consolidation pattern, they hvae not followed industrial metals higher in as strong a manner. This despite strong readings from both the MACD and the RSI. Notice the weekly SMAs are meandering with prices instead of forming a solid bullish pattern. This indicates indecision on the part of traders about the future price moves.
My guess is industrial metals are rising in anticipation of recovery. Whether we are there or not is a different story. Consider this chart of the year over year percentage change in US industrial production:
This is not an environment where demand for industrial metals is increasing. At least not in my opinion.