Beyond the correlation with other asset classes, understanding the relationships between different commodities is essential for effective trading. Commodities can often be influenced by similar factors, leading to correlated price movements. For instance, agricultural commodities like corn and wheat may react similarly to weather patterns, while energy commodities like oil and natural gas often reflect global supply and demand dynamics. 

Additionally, commodities can experience interdependencies based on market conditions. For instance, an increase in oil prices may lead to higher production costs for agricultural commodities, impacting their prices. Conversely, a decline in metal prices might affect the overall mining sector, influencing precious metals like gold and silver. 

By studying these correlations, traders can identify opportunities for spread trading, where they take positions in two related commodities to profit from price discrepancies. This strategy can also serve as a hedging technique, allowing traders to mitigate risks associated with individual commodity price movements.