Aluminum prices broke records

Russia's operation against Ukraine also hit the commodities. Aluminum prices broke a record, surpassing the 2008 peak in London transactions. The 3-month aluminum contracts on the London Metal Exchange were $3,388 per ton. The shares of Rusal, one of the world's leading aluminum producers, fell sharply. Russian President Vladimir Putin announced that they have decided to launch a special military operation in Donbas in eastern Ukraine. Putin said that the decision to exercise was taken to protect the region. Calling on the Ukrainian forces in the region to drop their weapons and return home, Putin stated that he has no plans to invade Ukraine. Putin added that Russia will not allow Ukraine to acquire nuclear weapons. Ukraine's President, Volodymyr Zelensky, declared martial law across the country. Earlier, the Kremlin announced that separatist leaders in eastern Ukraine had asked Putin for help against the Ukrainian army. Ukrainian Foreign Minister Dmytro Kuleba described Putin's move as "the beginning of a far-reaching invasion" of Ukraine. "Ukraine will defend itself and win," Kuleba said on Twitter. According to the news channels, there have been repeated explosions in the cities of Kharkov, Kramatorsk, Mariupol, Mykolaiv and Odessa, as well as Kiev. In a statement after Russia's decision to enter Donbas, the White House announced that US President Joe Biden will announce additional sanctions against Moscow today. Previously, Biden had announced that they would impose sanctions on the company that built the Nord Stream 2 Project and its officials.

Nickel prices hit the highest level since May 2011

The nickel price, which increased by close to 3 percent today, climbed to the highest level since May 2011 with $ 11.77. Analysts stated that along with the intense demand, supply concerns due to geopolitical risks originating from Russia and Ukraine had an upward effect on nickel prices. Palladium prices rose more than 3% to $2,564.50, while platinum rose nearly 2% to $1,117.00.