Before Russia’s invasion of Ukraine, commodity markets were already experiencing severe declines in most physical inventories. This was true for industrial metals, rare earth metals, oil, natural gas and even certain soft commodities. The invasion will have both short and long-term effects on markets, and clearly also on geopolitics and European economies for years to come. This is a truly epoch-defining event. As Lenin once said, “there are decades when nothing happens, and weeks where decades happen” – and this is surely the latter.  In today’s column, I’ll focus on the short-term effects for commodity markets. This is going to…

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