Copper price hits 19-week high and nickel scales $25,000 for the first time since 2011 as European traders are forced to look as far afield as Malaysia for deliverable metal.
Government agencies have been ordered to push state-owned buyers to scour markets for materials including oil and gas, iron ore, barley and corn to fill any potential gaps.
Aluminum prices bolted to a fresh record peak on Wednesday as investors worried that logistics difficulties would block metals supplies due to tough sanctions on major producer Russia.
A report by IDTechEx estimates that there will be 18.7 million units in electric vehicle fleets on the road by 2032, which explains the current ramp-up of charging infrastructure.