|From the ever-helpful Wikipedia|
.32 Rimfire ammo trades for $2 a round, when it can be found.
7mm, U62 brass beads can be purchased for 3.4 cents a piece when purchased in lots of 32,000 (50kg).
There is exactly enough brass in a 7mm brass bead to make a .32 Rimfire, Long with 0.011" thick walls.
Specify brass beads be delivered in the annealed state. Impact extrude a cup with a 0.377" outside diameter. Neck down all except the rim to an OD of 0.318". Trim to 092" length if necessary. Apply primer compound (can probably be done robotically as inside of casing is much more voluminous than a .22 rimfire). Sell for a 20X mark-up.
On a related note, if a major ammo company was willing to sell the drawn or extruded cups for the .22 Winchester Magnum Rimfire before the majority of the shell is sized down to 0.242" then the 0.29" cups have enough material in them to reform to .32 Rimfire Short. It would be necessary to use a rubber plug and a female die but it looks doable after annealing.