Global metal traders welcome a record profit year, Cargill and Trafigura's performance leads the industry into a frenzy.

Notice that the global metal trading industry is experiencing its most profitable year. A series of supply disruptions have driven metal prices close to historic highs and triggered a huge shift in the global metal circulation patterns. Insiders revealed that major players in the industry, such as Glencore and Trafigura Group, are expected to achieve their best annual metal trading performance. Kenny Ives, CEO of the third largest metal trading company IXM, stated that the company's profits have exceeded last year's levels and are set to break records for the third consecutive year. Ives stated at an event this week, "This year has seen some amazing opportunities. For base metal traders, 2025 is considered the golden period. Years like 2025 are rare." The industry boom confirms the recent decisions of several of the world's largest energy trading companies to enter the metal market. They are betting that the increasing demand for this strategic sector by governments around the world will benefit the market. Mo Cort Energy Group, the most aggressive in its expansion, has made profits of about $300 million from metal trading this year. This surge in profits comes at a time when trading profits for other commodities such as natural gas, oil, and grains are under pressure. For metal traders, this marks a welcome change - weak demand and price fluctuations have long restrained profit growth. However, not all new entrants have fully capitalized on the opportunity. Insiders said that Mo Cort's energy trading competitors, Vitol Group and Gunvor Group, have adopted a more cautious expansion strategy, earning only modest profits from metal trading this year. Gunvor CEO Torbjorn Tornquist stated in an interview that the company is profitable in metal trading, but the profits are "not as lucrative as rumored for other companies." For large trading companies, profit growth mainly comes from a series of supply shortages and disruptions. Although President Trump threatened but did not actually impose import tariffs on refined copper, he created huge arbitrage opportunities. This has led to record spreads between U.S. copper prices and the global benchmark price, allowing traders to make nearly guaranteed profits by shipping spot metals to the U.S. With smelting capacity expansion and new supply constraints, the prices of copper, lead, zinc, and other ores have soared, benefiting traders who usually hold long-term contracts. The surging prices of gold and silver have also brought lucrative profit opportunities to traders - these precious metals are often traded alongside base metals, prompting many trading companies to establish dedicated precious metals teams. Insiders revealed that Glencore's metal trading business had set a new record in the first half of 2025, with adjusted pre-tax profits of $1.57 billion, and similar growth is expected in the second half. According to insiders, Trafigura Group's metal traders also set a record profit in the fiscal year ending in September. Glencore's metal trading achieves high profits Among energy trading companies seeking to expand their metal business, Vitol, while profitable, was caught off guard by President Trump's sudden exemption of refined copper tariffs in July. Tornquist of Gunvor stated that it takes time for the company to "build a metal trading account from scratch." "It is also a highly competitive market, and we are not progressing as quickly as some of our competitors. We prefer a balanced strategy, while other companies are more aggressive." Industry prosperity has sparked a talent war in metal trading. Mo Cort alone has built a team of about 150 people in a year. New entrants such as BGN Group and Aramco Trading, the trading department of Saudi Aramco, are still actively recruiting. Several small trading companies have received acquisition offers in succession. Brent Oman, CEO of specialist metal company Ocean Partners Holdings, revealed that in recent years, especially recently, they have received a significant amount of potential buyers but he and his partners are "not in a hurry to sell." "It is undeniable that we are experiencing a year of explosive performance," Oman said in an interview. "If we can weather the downturn of the copper market in 2023 and part of 2024, the current market is an excellent opportunity for trading."