Commodity producers look appealing after a pullback from May highs. While prices for industrial metals like copper and iron ore have been weaker, Chris LaFemina, a mining analyst at Jefferies, is upbeat on the sector. “The soft patch will end,” he says. “There won’t be a massive acceleration in demand, but things will start to pick up, and there are supply constraints in commodities like copper that will result in demand growing faster than supply.”

Among diversified miners, BHP (ticker: BHP), at $66, is down 20% from its…

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