Aluminum rallied to a record in London and nickel surged to the highest in more than a decade, pacing gains in industrial metals markets, as the deepening Ukraine crisis added to supply risks in an industry already facing critical shortages.

The gains will heap fresh inflationary pressure on buyers who use aluminum in everything from cars and cables to drinks cans, and the threat of disruption will be particularly troubling for manufacturers in Europe who buy large volumes of specialist products made from it that come from Russia.