Ukraine war causes prices for industrial metals to explode

Record prices Ukraine war causes prices for industrial metals to explode

2022-03-08 Source: dpa 1 min Reading Time

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Important industrial metals that are needed worldwide are mined in Russia. The war in Ukraine is now making it necessary to dig very deep into one's pocket.

The Ukraine war is escalating and some of the industrial metals mined in Russia reached record prices in trading yesterday. Accordingly, a tonne of copper cost over 10,800 US Dollars. But aluminium and nickel prices are also surging.(Source: J. Zwickel) — The Ukraine war is escalating and some of the industrial metals mined in Russia reached record prices in trading yesterday. Accordingly, a tonne of copper cost over 10,800 US Dollars. But aluminium and nickel prices are also surging.
(Source: J. Zwickel)

The increasing escalation of the Ukraine war is driving up the prices of many industrial and precious metals. Other commodities that are frequently mined in Russia also increased significantly in price yesterday and in some cases reached record figures. A tonne of copper, for example, was traded at up to 10,835 US Dollars. The metal, which is necessary for electrical engineering, thus cost more than ever before, according to reports.

The price of the light metal aluminium also set a record, exceeding the 4,000 Dollar mark per tonne for the first time. The price of nickel also rose sharply, at times by more than 30 per cent. Nickel thus reached its highest level in about 15 years.

Precious metal prices also at record high

While the gold price in US dollar terms surpassed the 2,000 US Dollar mark on Monday for the first time since the summer of 2020, a record high was reached in Euro terms. The precious metal palladium, which is used in the automotive industry for catalytic converters, among other things, also reached a record high. A fine ounce of palladium cost 3,442 US Dollars.

Conventional precious metals such as gold and, to a lesser extent, silver have recently benefited from their status as safe investment havens. The price of a troy ounce (31.1 grams) of gold is now hovering around 2,000 US Dollars. In Euro terms, up to 1,851 Euros were paid for a troy ounce on Monday - also an unprecedented value. However, the record is also a consequence of the currently weak Euro exchange rate. Some price levels had already fallen again yesterday afternoon.

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