Russia’s invasion of Ukraine, and the sanctions it generated, have drastically altered the
supply-demand picture for some key commodities.
This chart summarizes the price change for several examples. Keep in mind, that all this happened in a 3- to 4-month period.
Worse, the production of some of these materials depends on the availability of others.
Mining is an energy-intensive activity, so more expensive fuel will make some metals
more expensive, even if the mines are far from the battlefield.
Similarly, grain production depends on fertilizer, which uses natural gas in the manufacturing process. All of which means these prices could stay elevated for quite some time.