Materials rose 1.2% in January, while the broader market fell 6.4%.
"After a strong initial few weeks of the year, we think more outperformance is likely," Morgan Stanley analysts said.
"Earnings revisions are positive and likely to remain so over coming months."
Morgan Stanley's global commodity team has laid out five structural tailwinds that should boost the resources sector.
They are: demand for inflation protection; the net-positive impact of the energy transition; a hedge against geopolitical risk; further reopening of economies; and underinvestment from investors.
The takeover of AusNet Services will free up a spot in the ASX 100 and Morgan Stanley expects Iluka Resources to take its place.
While IGO kicked off profit reporting season yesterday, most companies will issue results towards the end of the month.
Notable releases will be BHP's half-year results on February 15 and Rio Tinto's full-year results.
Outside results, there are several companies with looming milestones.
Sandfire Resources is set to complete the US$1.8 billion acquisition of the MATSA copper complex in Spain.
Newcrest Mining should complete the takeover of Pretium Resources, while Silver Lake Resources is set to finalise the acquisition of Harte Gold.
Newcrest and Greatland Gold are set to agree on a fair value price for Newcrest to acquire a further 5% of the Havieron discovery in Western Australia to take its stake to 75%.
Following agreement or determination of the fair market value option exercise price, Newcrest has 30 business days to exercise its option to acquire the additional 5% interest.
Gold major Kirkland Lake Gold is set to be delisted from the ASX this month when its merger with Agnico Eagle Mines is complete.
The enlarged Agnico is set to provide market guidance later this month.
Swick Mining Services is also expected to be delisted from the ASX next week as its takeover by rival driller DDH1 draws to a close.
Lithium developer Vulcan Energy Resources is set to list in Frankfurt this month.
Auteco Minerals is set to update the resource for its 1.47 million ounce Pickle Crow project in Canada.
Based on strong drilling results released last month, Canaccord Genuity expects Pickle Crow's resource to rise through 2Moz.
Aeon Metals expects to complete updated resource estimates for its Vardy and Marley zones at the Walford copper-cobalt project in Queensland.
Golden Rim Resources says the latest results from its Kada gold project in Guinea should add "significant ounces" to the maiden resource estimate, expected this month.
February is set to be the slowest month for new listings in quite some time, with only Andean Mining having a firm date to list (February 14).
The first main Australian mining event of the year, the RIU Explorers Conference, will be held in Fremantle from February 15-17.
The event will feature presentations from 85 mining companies over three days, as well as keynotes from Canaccord, BDO, Noah's Rule, SRK Consulting, CSA Global, ANZ and HWK Ebsworth Lawyers.
The four nominees for the 2022 Craig Oliver Award, to be handed out on day one of the conference, are Sandfire Resources, Liontown Resources, De Grey Mining and Western Areas.
