Glencore traded above its IPO price for the first time since 2011 as Russia’s invasion of Ukraine continues to drive up commodity prices.

The shares breached 530p in London on Monday after surging 42% this year. It’s a level Glencore, the world’s biggest commodities trader, had at times looked unlikely to ever regain.

Nearly all the company’s most important commodities are trading at or near record levels. Markets from metals to oil and gas have been upended by the war in Ukraine as big corporates withdraw from Russia, lenders pull back from financing deals and the threat of new sanctions deters buyers. The Bloomberg Commodity Spot Index has surged 26% this year.

The milestone also caps a strong 12 months for Glencore itself. The company in February reported record earnings, announcing $4 billion in dividends and buybacks, and said it expects to resolve long-running corruption probes by US, UK and Brazilian authorities this year.

Glencore first sold shares in 2011 at the height of the last commodity super cycle, and hit an all-time high of 547.209p soon after. Since then, its stock has remained well below those levels, trading as low as 66.67p during the 2015 commodity crash.

For years, Glencore’s shares also underperformed many of its biggest rivals, as the company missed out on rising prices for iron ore -- which it doesn’t produce -- and investors were deterred by sprawling anti-corruption investigations.

However, the commodities giant has positioned itself to be one of the biggest winners from what some analysts see as a new commodity supercycle, with a sprawling suite of mines producing many of the materials needed for the energy transition. As the world’s biggest coal shipper, the company is also benefiting from the global energy crunch.

The shares dipped briefly in mid-March, when Qatar’s sovereign wealth fund sold part of its large stake in the company at a discount to the market price. The sale of about 13% of its holding left former CEO Ivan Glasenberg as Glencore’s top investor.

Glencore is not the only miner to rally -- Anglo American is trading at its highest-ever level and most other raw-materials producers have surged this year as well.