Following supply-side shocks created by Covid-19, then perpetuated by Russia’s war in Ukraine, and hammered home by rising tensions in the Middle East around major global shipping lanes, inflation looks to finally be coming under control in most major economies. This will enable a shift back towards lower interest rates as countries – particularly countries with elections coming up – look to encourage growth that has been lost and claw back the living standards that come with it. Falling interest rates signal a shift towards lower borrowing costs, stimulating investment and economic growth. This trend, driven by major economies aiming to recover from supply-side shocks and inflation, will likely lead to increased demand for materials, pushing prices higher as industrial…