Aluminum and nickel prices soared on the London Metal Exchange following the imposition of US and UK sanctions prohibiting the delivery of Russian metal produced after midnight on Friday. The sanctions, designed to limit President Putin's military funding, have introduced significant uncertainties into the metals market, which has already been affected by Russia's invasion of Ukraine.
The London Metal Exchange has banned deliveries of any Russian supplies produced after midnight on Friday in response to new US and UK sanctions, leading metal traders to anticipate significant price jumps for aluminum, copper, and nickel when LME trading resumes on Monday morning.
Cocoa prices have surged to an all-time high due to dry weather impacting cocoa harvests in West Africa, leading to concerns from chocolate manufacturers like Hershey about potential earnings impact and the need to pass on higher prices to consumers. The El Nino climate phenomenon is exacerbating the situation, with cocoa being particularly vulnerable to weather changes. Poor harvests in major cocoa-producing countries have led to a significant drop in shipments, and the trend of rising prices for cocoa and other confectionary ingredients may continue due to ongoing climate challenges.
