Due to the loose monetary policies established by numerous key countries during the Covid-19 epidemic, commodity prices were already steadily rising in 2021 and early 2022.

However, the crisis between Ukraine and Russia, which erupted on February 24, has sent alarm waves across the commodities world, resulting in a worldwide commodity price shock.Due to fast-growing demand and an inability of supplies to meet up, crude oil prices continuously soared from USD60 to USD85 in 2021.

However, as a result of the ongoing conflict, Brent crude oil prices soared to USD130 per barrel in the first part of March 2022, their highest level since 2008.

Due to supply limits, natural gas, unlike crude oil, is a regional market. On March 7, the price of natural gas in Europe reached an all-time high of 345 euros per megawatt-hour. In terms of British thermal units of energy, that equates to oil prices of USD600 per barrel.

Between 2010 and 2020, the Steel Futures traded on NCDEX were mostly below Rs 25,000 per tonne. In 2021, they increased to an average of roughly Rs 45,000. Steel futures, on the other hand, jumped to Rs 62,500 in March 2022 as a result of the war.

Nickel is a non-ferrous metal that is used in the production of stainless steel, coinage, dry batteries, and a variety of other industrial applications. During 2021, nickel prices gradually increased from USD15,000 per tonne to USD20,000 per tonne.

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