Commodities will get intense scrutiny for the rest of 2022 after a first half dominated by the supply turmoil and inflationary shocks unleashed by Russia’s attack on Ukraine. Here's a look at what the rest of the year holds for raw materials from crude oil and natural gas to grains, gold and iron ore.
The second half will be about how consumers, businesses and governments cope with the shockwaves to commodity flows. Either the global economy can withstand the sky-high prices needed to maintain tight supplies — especially for energy — or soaring prices will be cured by recessions.
In natural gas, Russia’s supply cuts open a troubled new era for Europe. In oil, OPEC’s next move is crucial, and in food, there are some signs of prices cooling. The fate of China’s beleaguered property sector will be crucial for metals, while central bank moves to crush inflation pose a broad headwind.
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