The ongoing conflict is expected to hit companies such as Intel, which gets around half of its neon from eastern Europe, according to JP Morgan.

Capital market company Cannacord says the war has helped throw the global commodity system into what it calls a “melt-up” as commodity consumers and speculators bring forward purchases and close off short positions in response to margin calls.

“While we have not seen production impacted to date, secondary impacts are being felt such as disruption to shipping, refusal to purchase Russian supplies due to uncertainty on sanctions, poor refining margins, plant closures, reduced financing and soaring energy prices,” Cannacord said.

Russia also accounts for 10 per cent of global exports in raw aluminium, which is used in transport, manufacturing, machinery, appliances and furniture. Nations such as Australia are well placed to replace any supply shortfalls.

Users of platinum and palladium will be taking a big hit from the conflict, with Russia accounting for 16 per cent and 24 per cent of platinum and palladium global exports, respectively.

Aside from uses in jewellery, dentistry, platinum is critical for the electronics sector. Like neon, palladium is used by the semiconductor industry, which is already suffering from supply bottlenecks.

Russia was just the eighth largest copper producer in the world last year, but sanctions will still hit copper buyers hard because the country is the third largest exporter of copper cathodes, the primary raw material for manufacturing copper rod for the wire and cable industry.

Tin also broke through record highs this week, hitting $US47,500 a tonne as demand increased ahead of further supply disruptions triggered by the conflict.

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