“I Don’t Care About Nickel, It’s Unrelated To My Portfolio”

Nope. Commodities can be part of the diversification of a global portfolio (there’s a reason for the comparisons to target date retirement funds in the past). When something goes wildly awry (like the path of a hurricane), then the “glue (correlation and covariances) get thrown off, and therefore, the allocations to other assets can be forced to change.

What are in those “allocations?” Uh, stocks & bonds.