Cyclone Yasi pushed global commodity prices to record highs and will exact a heavy toll on the world economy and the state of Queensland, City analysts warned today.

The price of sugar hit a 30-year high in New York as analysts warned that up to half the state's crop this year could be destroyed by the cyclone. The cyclone also helped push copper and tin prices to a new high.

Xstrata, the London-based mining company, said it was evacuating its copper refining and port operations in Townsville, northern Queensland. Copper, a key material in the construction industry which has risen 60% since last June, touched nearly $10,000 a tonne yesterday. The railways and ports used to export sugar, copper and other valuable commodities such as coal could be put out of action for months.

Queensland is also the world's largest producer of coking coal, used to make steel, earning about A$30bn from annual exports. Anglo-Australian mining company Rio Tinto said it had closed its Hail Creek coalmine. Xstrata has closed Collinsville coalmine and shut down its Bowen Coke operations. It said it was monitoring the situation at other sites in Queensland.

Queensland is among the world's top three sugar cane exporters, shipping almost a tenth of global exports. A third of the state's crop lies in the direct path of the cyclone, and industry group Queensland Canegrowers said that losses from the cyclone could top $500m. The industry has already been devastated by the worst floods for decades.

Growers have evacuated staff but it will be days before the full extent of the damage is known, said commodities analyst Sudakshina Unnikrishnan at Barclays Capital. "There is not much sugar cane growers can do. They have evacuated their staff and have to hope for the best. The crops will be left to the elements. The estimates coming out of Australia of predicted damage are pretty bad."

In New York the forward price of a pound of raw sugar cane to be delivered next month was changing hands at 35.49 cents, a new record, and prices are likely to keep rising. Prices had already been high because of production problems in China and Thailand and falling exports from India. The recent Queensland floods resulted in the worst harvest for 20 years and exports are already forecast to be down by a quarter compared to the previous year.

Other farmers are also fearing the worst. Bananas are in peak season and growers fear a repeat of the aftermath of cyclone Larry, which hit Queensland in 2006, resulting in a national shortage. Mangoes, paw paw, lychees, macadamia nuts and strawberries are also grown in the region. The National Farmers Federation in Australia said in a statement to Reuters: "Losses will likely be catastrophic again."

Many coalmines in Queensland had already halted production because of the flooding. BHP Billiton recently said it could take six months to get back to full-scale coal production there, and the cyclone could prolong the disruption.

Prices for thermal coal, which is used to power coal plants, have also risen more than 10% in the last week, partly on the back of the disruption from the cyclone.

Charles Kernot of stockbroker Evolution Securities said most of Queensland's mining areas were south of the cyclone's trajectory and would probably escape damage. But many of the state's ports have been closed, disrupting exports.

• This article was amended on 3 February 2011. The original referred to the price of a pound of raw sugar cane changing hands at $35.49. This has been corrected.