Industrial metals are on track for the worst quarter since the 2008 financial crisis

"The measures we have announced today will directly hit Russian oligarchs and strike at the heart of Putin's war machine," Boris Johnson said.

US President Joe Biden and fellow Group of Seven leaders are expected to announce a ban on new gold imports from Russia.

A US appeals court has ruled that the federal government may give thousands of acres in Arizona to Rio Tinto.

The departures come against a backdrop of falling commodity prices that has been less profitable for Trafigura than the booming markets earlier in the year.

The US is already sharing information with countries seeking foreign funding for mining projects and allied governments, foreign mining companies and financial institutions that can help kick-start projects.

"There are a confluence of forces that are driving gold prices in both directions, forcing it to remain in a small range," one analyst said.

What the rest of the year holds for raw materials from crude oil and natural gas to grains, gold, and iron ore?