The market is typically focused when it comes to natural resources on oil, gold and copper and potentially iron ore but focusing exclusively on these areas would mean missing some big movements in other commodities of late.
Aluminium has reached its highest level in a decade and European natural gas prices recently hit all-time highs, with uranium surging and lithium prices also higher amid a mixture of supply concerns, strong demand and speculation.
A tight natural gas market is feeding into record electricity prices in Europe and has raised concerns about the impact on economic recovery.
A reduction in supply from Russia, as president Vladimir Putin restricts pipeline flows as part of a geopolitical move thought to be aimed at Germany and the EU, has seen levels of gas in storage deplete since the summer.
This combined with increased global competition for liquefied natural gas and lower-than-expected power generation from wind have created a perfect storm.
The higher gas prices are likely to see increases in household bills which will add to inflationary pressure and could dampen consumer spending as well as resulting in higher costs of energy for businesses. In the event of a severe winter there are even suggestions supply might need to be rationed.
Another energy-related commodity which is rising rapidly is uranium. A relatively illiquid and opaque market, uranium prices have moved to a five-year high with reports suggesting the WallStreetBets community which helped drive massive volatility in so-called meme stocks like GameStop and AMC Entertainment has zeroed in on the commodity.
The launch in Toronto of the first exchange-traded fund which trades in physical uranium - Sprott Physical Uranium Trust Fund - and Japan bringing reactors back online have also been flagged as catalysts for the move higher.
Lithium, used in the production of electric vehicle batteries, is seeing mounting strength amid demand for EVs, particularly in markets like China, where sales increased 164% year-on-year in July to 271,000 units according to the China Association of Automobile Manufacturers.
The element is also widely used in areas like internet of things infrastructure, 5G devices and energy storage.
The 10-year high recently seen in aluminium follows a military coup in Guinea, which is the second largest global producer of raw material bauxite, used in the production of the metal. However, this merely extended an already strong run for the commodity.
Long-term demand for aluminium is being driven by its use in renewables and EV infrastructure thanks to its lightweight nature and high levels of conductivity.
