Commodities prices could rise by 40 percent and will likely continue to go higher, according to a note from JPMorgan Chase from April 7, as raw materials hit a record high last month following Western sanctions on Russia due to its invasion of Ukraine. Russia is a main supplier for up to 10 percent of global energy production and about 20 percent of global wheat production. The commodities affected include oil, which is already up 33 percent from the same month the previous year, while natural gas has gone up by 65 percent since the invasion roiled the markets. Metals excluding gold, such as copper, are up by 7 percent from 2021, while wheat has surged upward by 33 percent. The bank said it was reviewing the long-term positioning in commodities by global investors, and compared that to allocations in cash, stocks, and bonds. “In dollar terms, the total open …