Investors are raising bets that the invasion of Ukraine and sanctions on Russia will further fuel an already-hot commodities rally.
War has gripped global markets, lifting prices for a number of raw materials. Wheat has surged to its highest level since 2008. Corn prices have jumped around 25% so far this year, earlier this week touching their highest levels since March 2013 before paring gains. Aluminum and nickel have jumped to their highest levels in over a decade.