Are commodities really bottoming out?

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The news on oil is still mostly bearish—BP announced a $3 billion cut in capital expenditures for 2015 on Tuesday—but analysts and strategists are again trying to call a bottom.

Raymond James' Jeff Saut told CNBC Monday that oil has indeed found a bottom.

This morning, following a disappointing earnings report from Anadarko Petroleum, Stifel upgraded the stock to a "buy" from "hold," saying it expects oil prices to improve in the second half of the year.

"We anticipate a rebound in oil prices as U.S. supply growth slows, demand improves, and the dollar potentially tops and begins to weaken over the next 12 to 18 months," Stifel analysts wrote.

Read More Oil erases losses for 2015 as majors take action

Stifel is also raising ratings to a "buy" on several other energy names, including Concho Resources and EOG Resources. Importantly, the firm seems to be fairly clear-eyed on a bounce in oil: its 2016 projections is for an average price of $65 a barrel.

Speaking of bottoming, there are some early signs copper may be trying to do the same thing. is down more than 20 percent in the last six months, not as bad as oil's 50-plus-percent decline, but still notable. However, it is up better than 2 percent today and has stabilized in the last few days around $2.50 a pound.