Metals traders reap record profits in second straight boom year
Strong price swings and sustained demand are driving a second consecutive windfall year for the global metals trading sector. Several leading trading houses are posting record or near-record earnings, underscoring how volatility continues to lift margins across the industry.
Highlights
- Trafigura Group achieved a record profit of about $2 billion from metals trading in the financial year ending September.
- Glencore and Trafigura both posted exceptional profits in a second consecutive boom year for major metals traders, driven by market dislocations.
- Glencore's overall results faced a $480 million provision tied to exposure to iron ore trader Radiant World, underscoring ongoing sector risks.
Record gains at leading trading houses
As reported by Bloomberg, Trafigura Group made a record profit of around $2 billion from metals trading in its financial year that ended in September, according to people familiar with the matter.The result places Trafigura, which competes with Glencore Plc for the title of the world’s largest metals trader, among the biggest winners from another exceptional year for the sector. Glencore is also enjoying some of its best-ever profits from metals trading.
Sector momentum and risks
The strong earnings point to a second straight blowout year for major metals traders, with billions of dollars flowing to the largest houses as market dislocations create lucrative opportunities.Glencore’s broader results, however, are being weighed down by a $480 million provision linked to its exposure to iron ore trader Radiant World. That setback highlights how outsized gains in commodity trading can still be accompanied by significant counterparty and market risks.
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