This seems a little pessimistic but directionally correct – the current recession impacts to metals/other commodities is already much worse than on Energy & Oil markets. Perhaps it could lead to much lower project cost for materials
on those not already under construction.
I think when comparing past recession bottom support levels they are leaving out the current large delta between market demand/needs and much lower mine/well supply capabilities. The only thing that has been keeping them balanced is recycle loop that is stretched way too tight – the economy slowdown will give it time to catch up until prices return to level that supports new mines/wells that balance demand levels.