London nickel and aluminum futures price rose on Wednesday as concerns grew over supply disruptions in Russia after tightening sanctions on major metals producer in Russia, while low inventories also fueled supply worries.

Three-month nickel on the London Metal Exchange (LME) rose 1.8 percent to $25,550 a tonne at 16:17 Beijing time, hovering near a more than 10-year high hit last week.

The most-traded April nickel contract on the Shanghai Futures Exchange closed up 2.5 percent at 180,260 yuan a tonne.

The world’s three largest container shipping companies suspended cargo shipments to and from Russia on Tuesday in response to Western sanctions on Moscow, a further blow to Russia’s international trade.

“There are more signs that geopolitical risks have turned into supply disruptions,” ING said in a note, adding that aluminium and nickel prices were supported by signs that Russia’s Metal flow is increasingly restricted.

Russia produces about 6% of the world’s aluminium, 7% of the world’s nickel ore, and is also a major producer of natural gas.

Meanwhile, nickel inventories in LME warehouses fell to 79,524 tonnes, the lowest since December 2019. Spot nickel traded at a premium of $454 a tonne over the three-month contract.

Aluminium inventories in LME-registered warehouses stood at 814,275 tonnes, compared with about 2 million tonnes in March last year.

Three-month aluminium on the LME rose 1% to $3,511 a tonne, approaching Monday’s record high of $3,525.

Three-month copper on the LME edged up 0.1% to $10,075 a tonne, three-month lead rose 0.2% to $2,413 a tonne and three-month tin fell 0.5% to $45,550 a tonne. Three-month zinc rose 2.4% to $3,837.5 a tonne, its highest since October 2021.

Shanghai copper rose 0.9 percent to 71,520 yuan a tonne, Shanghai aluminum rose 1.4 percent to 22,955 yuan, Shanghai zinc climbed 2.2 percent to 25,740 yuan, Shanghai lead edged down 0.03 percent to 15,580 yuan and Shanghai tin rose 0.2 percent to 340,490 yuan.

The Federal Reserve plans to end the loose monetary policy used to fight the epidemic, but it has encountered an unexpected test ahead of time, as new economic and financial risks brought about by the conflict between Russia and Ukraine have affected global markets.