Commodities extended their massive rally as Russia’s invasion of Ukraine roils global markets. Prices from crude and aluminum to wheat soared, as raw materials stage their biggest weekly surge since 1974 during the days of the oil crisis.
Base metals rallied further after the LMEX Metals Index, which tracks six major contracts, surged to a record Thursday. Aluminum, one of the most energy-thirsty metals, rose as much as 3.6% to $3,850 a ton on the London Metal Exchange, a new record.
Copper is closing in on its all-time high. Stockpiles in warehouses tracked by the LME fell back to the lowest since 2005.
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