July 2, 2022
Prices of the most diverse goods rose with the Russian invasion of Ukraine

Prices of the most diverse goods rose with the Russian invasion of Ukraine

Feb 24 (Reuters) – Global commodity prices jumped on Thursday to multi-year highs Russia launched a full-scale invasion of Ukraine, With prices responding automatically, despite the steady flows of Russia’s exports of oil, gas, grain and minerals to the West.

You Oil prices rose above $100 a barrel for the first time since 2014, Gas prices in the UK and the Netherlands are up 30%-40%, and Chicago wheat futures have jumped to a 9-1/2-year high.

Russia supplies 10% of the world’s oil, a third of Europe’s gas, and, together with Ukraine, accounts for 29% of world wheat exports, 80% of sunflower oil shipments, and 19% of corn exports.

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Russia is also a major producer of aluminium, nickel, platinum, palladium, uranium, titanium, coal, wood, and fertilizers.

Concerns about Russian aluminum supplies have pushed aluminum to a record $3,449 a ton, a 21% rise so far this year.

Rusal, the world’s largest aluminum producer outside of China, produced 3.8 million tons of aluminum in 2021, about 6% of the estimated global production.

Corn futures on the Chicago Mercantile Exchange also rose to their daily trading limit of 35 cents a bushel at $7.1625 a bushel, the highest level since June 2021.

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