Amid a series of supply disruptions in the global metals market, which have driven prices to record highs and triggered significant shifts in global metal flow patterns, metal traders are experiencing their most profitable year ever. Glencore and Trafigura, long-time competitors for the title of the world’s largest metals trader, are both on track to post their best-ever annual results in their metals trading businesses, according to informed sources. Concurrently, Kenny Ives, CEO of the third-largest metals trader IXM, confirmed that its profits have surpassed last year’s levels and are set to achieve a third consecutive year of record highs. Ives remarked at a recent event that the market presented excellent trading opportunities this year and predicted that 2025 would be a rare golden period for base metals traders.
This industry-wide boom validates the strategic move made by several large energy traders in recent years to enter the metals market. They foresaw sustained demand growth against a backdrop of governments increasingly prioritizing this strategic industry. In this round of expansion, Mercuria Energy Group Ltd. has been the most aggressive, reporting approximately $300 million in profits from its metals trading segment so far this year. This surge in profits stands in stark contrast to the generally pressured trading margins in other commodities like natural gas, oil, and grains, and marks a welcome turnaround for metal traders who had previously experienced a downturn due to weak demand and price volatility.
The profit growth primarily stems from a series of supply tightness and market volatility events. Furthermore, traders holding long-term contracts have significantly benefited from soaring prices in the concentrate markets for metals like copper, lead, and zinc, driven by smelting capacity expansions and limited new supply. The sharp rise in gold and silver prices has also created substantial profit opportunities for trading firms involved in by-product precious metals businesses, even prompting some companies to establish dedicated precious metals teams.
Regarding specific corporate performance, Glencore’s metals trading division achieved a record adjusted EBIT of $1.57 billion in the first half of 2025 and maintained a similarly strong momentum in the second half. Trafigura’s non-ferrous metals trading also achieved record-breaking profits in the fiscal year ending in September.
The industry boom has directly ignited a war for talent in metals trading. Mercuria has assembled a team of approximately 150 people in just over a year. Simultaneously, numerous new entrants, from the BGN Group to Aramco Trading, are also actively hiring. This fervor has even extended into the mergers and acquisitions arena, with many small, specialized metal trading companies receiving acquisition offers.
