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Is there such a thing as a meme metal? Humble nickel, used mainly to make stainless steel more workable, recently soared 250% over two days, driven by margin calls and a short squeeze, and led to a trading shutdown in London. Other commodities have been raging, too. Crude oil could soon test all-time highs, for reasons we recently discussed. And wheat has strung together consecutive days of going “limit up,” or hitting its maximum permitted price gain.
Each of these moves is related to Russia’s war and resulting supply disruptions,…