The world’s metals traders are celebrating their most profitable year ever, as 2025’s supply shocks and geopolitical twists sent commodity prices soaring and reshaped the flow of metals across global markets.
Industry titans Glencore Plc and Trafigura Group are both on course for record-breaking trading profits, according to people familiar with the matter, while IXM has already posted its third consecutive record year. “There have been some phenomenal opportunities this year,” said IXM CEO Kenny Ives at a recent Bloomberg event in London. “It’s been a great time to be a base metal trader—you rarely see years like 2025.”
The rally has also vindicated the strategic pivot toward metals by some of the world’s biggest energy traders, eager to tap into the booming market for critical minerals. Mercuria Energy Group, one of the most aggressive new entrants, has reportedly earned around $300 million in metals trading profits so far this year.
While energy and agricultural markets face tightening margins, metals have been the year’s standout performer—bringing a welcome reversal after several years of subdued volatility and weak demand. Still, not everyone has captured the same windfall. Rivals Vitol Group and Gunvor Group, both expanding more cautiously, have made only modest profits, with Gunvor CEO Torbjorn Tornqvist admitting that “it takes a bit of time” to build a new metals book from scratch.
Copper, Concentrates, and Gold Drive the Rally
A string of supply disruptions and policy-driven arbitrage opportunities has fueled the boom. In the U.S., President Donald Trump’s threats of copper tariffs—without actually imposing them—created a lucrative gap between domestic and global copper prices. Traders seized the opportunity, shipping metal to the U.S. at record premiums.
Prices for copper, lead, and zinc concentrates have also surged amid expanding smelting capacity and tight mine supply, benefiting traders with long-term contracts. Meanwhile, the meteoric rise in gold and silver prices—up alongside base metals—has prompted several firms to establish dedicated precious metals teams, turning byproducts into major profit sources.
Trading Giants Dominate the Field
Glencore reported a record first half for its metals division, with $1.57 billion in adjusted EBIT, and continues at a similar pace in the second half of 2025. Trafigura’s non-ferrous metals team also achieved record profits for the fiscal year ending September, according to insiders.
Smaller traders, however, are also reaping rewards. Ocean Partners Holdings CEO Brent Omland described 2025 as an “excellent market for trading,” adding that patience through the lean years of 2023 and 2024 has finally paid off. “We can’t deny we’re having a very strong year,” he said.
The rally has triggered a talent war in the metals trading world. Mercuria alone has built a 150-person team in just over a year, while new entrants like BGN Group and Aramco Trading are hiring aggressively. The competition underscores one clear reality: in a decarbonizing, metal-hungry world, metals trading has become the new frontier of commodity finance.
