Just as a bit of context, Russia and Ukraine together account for about 1/4 of global trade of staple goods. The war is one thing but disruption to logistics and supply chains as well as sanctions are just making everything a mess right now.

What started with a focus on oil and wheat prices have now spilled over to all other commodities from energy to metal and it is wreaking havoc across markets, especially for the economic outlook in general.

Oil topped $130 earlier and is keeping at the highs now around $125 but it isn't the only thing that stands out today.

Nickel is up over 30%:

Nickel LME

Meanwhile, palladium is up over 10% in a push to fresh record highs:


Adding to that, copper is also hitting fresh record highs on the day:


Elsewhere, CBOT wheat contracts are also up over 5% above $12 - hitting its highest since March 2008.

There was a warning last year about a commodities supercycle that could hit markets. It largely hinged on oil and the green transition but it seems like the Russia-Ukraine war has sped things along quite dramatically.

It's a real blowout day in the commodities market and that's arguably what is also keeping the likes of the aussie and kiwi more bid despite such an event weighing more heavily on risk sentiment.