Analytics Intern

Metals traders reap bonanza with another year of record profits. (Bloomberg) - Metals traders are earning billions of dollars in a second consecutive blowout year for the sector, with several top trading houses notching up record profits. Trafigura Group, which competes with Glencore Plc for the title of the world's largest metals trader, made a record profit of around $2 billion in metals trading in its financial year that ended in September, according to people familiar with the matter. Glencore, too, has been enjoying some of its best-ever profits, although its overall results have been marred by a $480 million provision related to its exposure to iron ore trader Radiant World. The vast earnings haul has meant that the champagne was flowing freely at London Metal Exchange Week, the main annual gathering of the global metals industry, which concluded on Friday. Many individual traders said privately they are enjoying the best earnings of their careers, while simultaneously fielding job offers from rival companies, as well as newer entrants looking to grab a slice of the metals boom. While many had expected fewer opportunities for metals traders after US President Donald Trump did not go ahead with tariffs on refined copper last summer, continued ambiguity over whether tariffs might yet be imposed has extended a bonanza available to traders shipping copper to the US. Meanwhile, metals including copper, gold and silver have soared to record highs, while the market for semi-processed copper concentrate - the bread-and-butter of many physical traders - has been unprecedentedly tight. Trafigura's metals division has had a record performance in trading, according to people familiar with the matter, who asked not to be identified as the results aren't public. The trading house is still finalizing its results, which it usually reports in early December, and the audited profit numbers might be subject to adjustments and revaluations of assets like its smelting unit, Nyrstar, some of the people said. Trafigura and Glencore both declined to comment. Mercuria Energy Group, the most aggressive of a group of energy traders that have expanded in metals in the past few years, has also had a strong year. Mercuria's annual operating profits are on track to match or exceed last year's level above $300 million, people familiar with the matter said. The company has plowed more than $4 billion into metals deals everywhere from Congolese copper to Indonesian aluminum as it seeks to grow its footprint in the market.

Read the latest news from the National Wealth Fund

Glencore secures final land access for Coroccohuayco, targets first production in H2 2029. Published: Oct 22, 2026 10:29 (GMT+8) Glencore announced on October 19 that its Peruvian subsidiary Antapaccay had secured access agreements for the final parcels of land required for the Coroccohuayco copper project in Espinar, Cusco. Following approval of its modified environmental impact assessment earlier this year, the project team will pursue the remaining permits, targeting first production in the second half of 2029. The development is expected to extend Antapaccay's mine life to more than 40 years. Antapaccay produced 130,700 tonnes of copper in 2025. The expansion scenario envisages average annual copper production of approximately 148,000 tonnes over the mine life, primarily extending operating life and sustaining long-term output. Glencore's previously disclosed plans put capital expenditure for the Antapaccay-Coroccohuayco brownfield development at approximately $1.8 billion. A new conveyor would connect the deposit to Antapaccay's existing processing plant. The development scenario envisages average copper production of approximately 148,000 tonnes annually over the mine life, alongside gold and silver by-products. This represents production under the expanded operation's mine plan, rather than an equivalent net addition to annual copper supply. Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.