THE price of aluminium reached a new record while copper was closing in on new highs after Ukraine said a nuclear plant – allegedly the largest in Europe – had been hit during Russian attacks.
The event sparked panic in energy markets with the International Energy Agency warning that global energy security was under threat, according to a report by Bloomberg News. A planned release of emergency oil reserves by the US and other major economies failed to quell supply concerns, it added.
West Texas Intermediate oil jumped almost 5% before paring gains as traders assessed the severity of the nuclear plant attack. Ukraine said a fire at its Zaporizhzhia facility in eastern Ukraine had been contained.
JP Morgan Chase & Co. said global benchmark Brent crude could end the year at $185 a barrel if Russian supply continues to be disrupted. Prices were at about $112 on Friday.
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 fresh record, said Bloomberg News. Copper is also closing in on its all-time high, it added.
The price of palladium has gained about 16.5% in the last seven days and was last trading at $2,787.50 per ounce. Russia controls about 38% to 40% of the platinum group metal’s market globally.
