This is according to Waldo Krugell, Professor in Economics at the North-West University's Potchefstroom Campus, speaking to the Chief Executive Officer of Central Media Group, Nick Efstathiou.

Krugell says minerals like platinum, palladium and gold are in demand and commodity prices are at a high.

Previously on the OFM Business Hour, Krugell explained that when there is conflict, the price of gold increases, as a safe haven asset.

Russia is also a major producer of platinum, palladium, and rhodium and these prices have increased.

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The conflict has also influenced the prices of agricultural commodities. Both the Ukraine and Russia are major exporters of wheat, maize, and sunflower oil. Together they account for a quarter of global wheat exports. The Ukraine’s sunflower oil exports make up 40% of global exports and Russia accounts for 18% of global sunflower oil exports. Any disruption of trade will add to already high agricultural commodity prices.

The conflict may also influence South African exporters. Russia accounts for 7% of our citrus exports in value terms, and 12% of apples and pears exports. Not forgetting the conflict’s impact on the price of the Brent Crude Oil price, on which Krugell elaborates further in the podcast below.