ECONOMIST’S EDGE – Commodities in 2022: Risk Management Lessons from Russia-Ukraine, China, and the Dollar

The authors’ analysis of commodities sets the stage by first concisely identifying the three most significant macro-factors for the year. With the foundation set, we examine a selection of energy, metals, and agricultural products where we highlight both the similarities and key differences in terms of how each commodity responded to our three major macro-factors. The article closes with some observations concerning the drivers of commodity super-cycles and the difficulties of risk management when uncertainty is elevated and risk is hard to quantify.