Commodities up as Russia's nuke alert, West's sanctions spur supply worries

Oil, grains rise; aluminium at record high, nickel up on Russian supply worries, fears of food inflation as wheat, corn, edible oil prices rally

Global commodity prices charged higher on Monday with strong gains in oil, grains, edible oils and metals after Russia put its nuclear deterrent on high alert and Western nations imposed tough new sanctions on Moscow following its invasion of Ukraine.

Brent crude oil jumped by around 4% to back above $100 a barrel, palladium vaulted 4% and Chicago wheat gained close to 5% as buyers tried to price in how to do without supplies from Russia if sanctions disrupt trade.

Aluminium scaled an all-time high of $3,525 a tonne on the London Metal Exchange, while Malaysian palm oil gained nearly 6% as