Profits kept rolling in
Metals desks just delivered another outsize year. Trafigura's metals unit generated roughly $2 billion for the 12 months to September, according to people who asked not to be identified, and the company is finalizing audited figures it typically publishes in early December.
Those numbers could still shift, including possible revaluations tied to assets such as its smelter Nyrstar, the people said. Trafigura declined to comment. Glencore has also been enjoying some of its strongest profits on record, but its consolidated results reflect a $480 million provision tied to its dealings with Radiant World, an iron ore trader. Glencore declined to comment.
Hiring and expansion heat up
People familiar with the results say Mercuria - viewed as the most aggressive energy trader pushing into metals - is positioned to meet or surpass last year's operating profit level above $300 million. It has deployed more than $4 billion into metals transactions from Congolese copper to Indonesian aluminum. Representatives for Mercuria declined to comment.
IXM, CMOC Group Ltd.'s metals trading unit, is also pacing toward a record year, a person with knowledge said. CMOC's half year report said IXM had "strengthened physical trading, achieving a new record high for the same period in terms of operating revenue." A representative for IXM declined to comment.
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Why the windfall now
Copper, gold and silver have all set record prices, and the market for semi processed copper concentrate - a staple for many physical traders - has been exceptionally tight. While US President Donald Trump ultimately did not impose tariffs on refined copper last summer, lingering uncertainty over whether such measures might still appear has prolonged lucrative copper shipments into the US.
The festive mood showed at London Metal Exchange Week, the sector's main annual meetup that wrapped on Friday, where the champagne flowed. Many traders privately said they are having the best earnings of their careers and are fielding offers from established rivals and new entrants eager to build metals franchises.
The bottom line for investors
Trading houses are leaning harder into metals with capital and hires because record prices, tight supply and tariff ambiguity are creating rich trading opportunities. That mix is powering record or near record results at multiple firms and driving team builds in iron ore and base metals. For your portfolio, it is a clear signal that the metals complex - from copper supply chains to diversified commodity traders - is where capital, talent and trading optionality are converging right now.
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