Russia-Ukraine crisis hits commodities severely; crude oil at 7-year highs, gold price highest in 14 months

The ongoing Russia-Ukraine crisis has led to a sharp spike in several commodity prices include the crude oil and gold. While the former is reeling at a 7-year high levels, the latter has hit a 14-month high. Meanwhile, agricultural commodities are also experiencing a significant uptick, says Zee Business' Neha Anand.

Gold, metals, and brent are experiencing strong gains in the market, she said.

Crude oil at the height of 7 years
Crude oil prices have reached a seven-year high. The cost has increased to $97. The domestic market has also gotten support, since the currency has weakened, giving it double support.

Gold price at the peak of 14 months
Gold is on the rise of 14 months on the Comex, with the price crossing $1900. It reached $1914 in the morning, which is the highest it has been in 14 months.

Aluminium and nickel are in action
Copper is trading around record highs as inventory shortages remain across the board. However, aluminum and nickel make up the majority of the action. Inventory levels have dropped by more than half. And there is apprehension in both metals since Rusal and Nornikal are two of the world's largest producers. In fact, after China, Rusal is the world's second-largest producer of aluminum.

Aluminum prices have reached their highest level in 13.5 years, while nickel prices have reached an 11-year high.

Agriculture Commodities
The prices of agricultural commodities fluctuate a lot as well. Palm oil prices have reached an all-time high of 1 lakh 81 thousand per tonne on the SHFE (Shanghai Futures Exchange).BMD palm and soya bean prices have risen, corn prices have reached a seven-month high, and wheat prices have also risen.

Weather Concerns is running in Brazil and Argentina

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#RussiaUkraine तनाव से कमोडिटी में एक्शन!

7 साल की ऊंचाई पर कच्चा तेल
14 महीने के शिखर पर #Gold का भाव
#AgriCommodities में भी जोरदार हलचल#RussiaUkraineConflict बढ़ने के चलते कमोडिटी की कीमतों में क्यों हैं उछाल, जानिए नेहा आनंद से..@Neha_1007 #commoditytrading pic.twitter.com/XDu5sgYqtu

— Zee Business (@ZeeBusiness) February 22, 2022