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.
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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