LONDON – Prices of raw materials such as oil, wheat, aluminium and nickel have soared to multi-year highs since Russia invaded Ukraine on Feb. 24 and as Western sanctions disrupt air and sea shipments of commodities produced and exported by Russia.
See for a Factbox on Russia production and exports of key raw materials.
Following are details of price gains since the close on Feb. 23.
ENERGY
Brent crude hit $139.13 a barrel on Monday, a gain of more than 40% since Feb. 23 and the highest since July 2008.
West Texas Intermediate rose to $130.50 a barrel on Monday, up more than 40% from Feb. 23 and the highest since July 2008.
Dutch gas prices hit a record 335 euros a tonne on Monday, up from 84.25 euros a tonne at the close on Feb. 23, while British gas touched an all-time high of 670 pence a therm on Friday, up from 200 pence a therm.
Newcastle coal jumped to a record $440 a tonne on Wednesday, climbing 85% since the Feb. 23 close.
GRAINS
Wheat prices touched a 14-year peak of $12.78-1/4 a bushel on Tuesday, a gain of nearly 45% since Feb. 23, corn reached $7.82-3/4 a bushel on Friday, the highest since September 2012 and a rise of 15% since Feb. 23.
METALS
Aluminium prices hit a record $4,073.50 a tonne on Monday, a 24% rise since Feb. 23.
Nickel surged to an all-time peak of $101,365 a tonne on Tuesday, up more than 300% since Feb. 23, with the ferocity of the rally prompting the London Metal Exchange to halt trading.
Copper reached $10,845 a tonne, just above the record high of $10,747.50 seen in May 2021.
Palladium rose to a record high of $3,440.76 an ounce on Monday for a 40% gain from the close on Feb. 23.
(Reporting by Pratima Desai and Peter Hobson; Editing by Bernadette Baum)
