As inflation heats up, the stocks of some commodity-based companies can move higher. These companies hold a large part of their assets in commodities, so as their prices move higher, the companies become more valuable.

They include Exxon Mobil Corporation (NYSE: XOM), Southern Copper Corporation (NYSE: SCCO), and Newmont Corporation (NYSE: NEM).

Exxon benefits from higher oil prices. The stock has hit resistance at the $63.50 level and it could be on the verge of a breakout.

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Southern Copper benefits from higher copper prices. Shares have dropped to support around the $67 level and there’s a chance they rebound.

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Newmont is a gold miner. As the price of gold increases, so does its value. The shares are close to the $68.50 level and there’s a chance they find support and rally.

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