Commodity markets were on track on Friday for their biggest weekly gains in years as the shuttering of Ukrainian ports and sanctions against Russia sent energy, crop, and metal buyers scrambling for replacement supplies. Russia is one of the world’s biggest exporters of key raw materials, from gas and crude oil to aluminum and wheat and palladium. The possible exclusion of supplies from the country due to sanctions has sent traders and importers into a frenzy. “We are seeing the commodity ‘melt-up’ continue with no sign of a let-up,” ED&F Man Capital Markets’ Edward Meir said. “More precisely, there is a massive repricing going on which will presumably stop when most, if not all, of Russia’s contribution to the global supply/demand commodity chain, is ‘scrubbed’ off […]