The war is exacerbating fears of supply shortfalls as Russia’s invasion of Ukraine cuts off cargoes of the staple crop.

South Africa will feel the impact of the Russia-Ukraine conflict on food prices but is also primed to benefit from it through maize exports, experts said on Tuesday.

Russia’s invasion of Ukraine has sparked a feverish run-up in the prices of just about every commodity.

Prices from crude to aluminium and wheat soared, as raw materials stage their most stunning weekly surge since 1974 and the days of the oil crisis. 

Zinc closed at $3 920.50 a ton in London, aluminium surged as much as 5.2%, and nickel gained 3.9%. All other main LME metals advanced.

Oil passed $110 a barrel, aluminum hit a fresh record and wheat rose to the highest since 2008.

China is heading into peak demand season for many commodities, and the risk of supply disruptions because of Russia’s invasion of Ukraine will exacerbate rising prices of everything from metals to fertilisers.

Of energy, crops and metals that were already tight as major economies emerged from the pandemic.

Spot gold rose as much 2.2% to $1 930.85 an ounce, before trading at $1 909.57 by 12:55 p.m. Singapore time. 

The EU seeks to be the world’s leader in the fight against climate change.

The Bloomberg Commodities Spot Index is nearing 2008/11 peak.

Soybean futures have erased their 2021 advance, sliding more than 20% from an eight-year high reached in May.

The fund manager believes that commodity prices look ‘frothy’.

Hedge funds have been raising their bullish wagers on commodities.

South Africa can become one of the biggest exporters of this spice.