Commodities Cool Off, But Rally Not Over Yet: Elara Capital

• Elara Capital suggests recent commodity pullback is consolidation, not reversal of de-dollarisation trade.
• Despite correction, Global Emerging Market (GEM) equity funds saw $5 billion inflows, showing continued confidence.
• Silver, previously overstretched, was at the center of the correction, but flow data shows stabilization.
• India-focused funds recorded a marginal inflow of $67 million after six weeks of redemptions, signaling stabilization.
• Energy equity funds attracted $4 billion, largest weekly inflow since September 2008, indicating strong momentum.