Commodity markets continue to see record prices amid war

By Gokhan Ergocun

ISTANBUL (AA) - Commodity prices in world markets continued to see record levels on Monday due to the Russia's war on Ukraine.

The price of gold climbed to as high as $2,007.10 per ounce earlier in the day, reaching its highest level since Aug. 18, 2020. As of 1420GMT, it is at around $1,975.

Silver jumped to $26.145 per ounce, its highest since July 16 last year. It later fell to around $25.60.

Following a statement by US Secretary of State Antony Blinken that Washington and its allies are in active talks to ban Russian crude oil imports, the price of Brent crude jumped to $130.89 on Monday, balancing at $120.

The per-bushel price of wheat neared $12.95, coming to $475 per ton in an increase of 43% in just one week.

Corn and soy bean prices also posted significant gains over the last week.

Non-precious metal prices also rose amid the war between Russia and Ukraine.

Copper posted an increase of 6.3%, while nickel and zinc hit record levels since 2008 and 2007, respectively.

The price of copper hit a historic high, exceeding $5 per pound, while palladium saw a record level of $3,395 on Monday.

Nickel rose by 17% in a week, as did zinc by 11.9%.

Aluminum and palladium also climbed by 12.3% and 24.7%, respectively.

Meanwhile, coffee prices fell with a loss of 6.1% on a weekly basis.