How would base metal ETFs respond to the business cycle and inflation?

Precious metals are seen as hedges so they are inverse to the business cycle, rising during fear and inflation and selling during calm. The materials sector is seen as cyclical, going with the business cycle.

So, where would a base metals ETF lie, say like DBB? The companies that produce the metals are going to follow the business cycle, but the metals themselves can be seen as hard assets that are stores of value - so would they behave like precious metals in that regard?