Due to the escalating fears that Russia reduces its supply of both aluminum and nickel, which might make the current shortage even worse, the prices of both metals climbed to a record high in several years.

Russia has kept denying invasion towards Ukraine. Russian invasion could mean sanctions against Russian companies such as Norilsk Nickel, accounting for 10% of the global nickel, and Rusal, which supplies about 5% of world’s aluminum.

Market participants said that there is a risk of sanctions on Russia, and people are stocking aluminum and nickel for safety stock level.

According to LME data, aluminum prices reached US$3,333/ton last week, which was very close to the record high of US$3,380.15/ton in July 2008. Also, nickel rose to US$24,435/ton, the highest record since August 2011.