That needs a bit more nuance, IMO.
For example, a major component of shells is steel. Let me ask you: What percentage of total global steel sales is related to shell production compared to say… the construction industry… or transportation…? IMO… tiny. I can’t see shell production having an effect on steel prices, at least to the extent that you say “Wow… this is an investment opportunity!”
What about the explosives themselves? I dunno.
Probably better to call up your favorite oligarch in Russia and ask for a bit of the action in shell production. I’m sure there’s no problem finding a reputable one who will give you a fair shake… right?
Rob
He is no fool who gives what he cannot keep to gain what he cannot lose.