Global metal traders ushered in a year of record profits, Glencore and Tork's performance blowout led the industry in a frenzy

The Zhitong Finance App notes that global metals traders are entering the most profitable year. A series of supply turbulence has pushed metal prices to historic highs and triggered a huge shift in the global metal circulation pattern.

People familiar with the matter revealed that Glencore and Torque Group, which have occupied the top two positions in the industry for a long time, are expected to have the best year of metal trading performance. Kenny Ives, CEO of IXM, the third-largest metals trader, said that the company's profit has surpassed last year's level and will set a record for the third year in a row.

Ives said at an event this week that “there have been some amazing opportunities this year,” and “2025 is a golden period for basic metals traders. A good year like 2025 is rare.”

The boom in the industry confirms that many of the world's largest energy traders have made the right decisions recently to enter the metals market. They are betting that the market will benefit from increased demand growth in this strategic area from governments. Mocory Energy Group, which is the most aggressive in expansion, has recorded a trading profit of about 300 million US dollars since 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 metals traders, this marks a welcome shift — weak demand and price fluctuations previously constrained profit growth for a long time.

But not all newcomers have taken full advantage of the opportunity. According to people familiar with the matter, Mookley's energy trading rivals Vittoria Group and Gongwo Group have adopted a more cautious expansion strategy and have only obtained meager profits from metals trading this year.

Gong Wo CEO Toby Jorn Turnquist said in an interview that the company is making a profit in metal trading, but the profits are “not as rich as other companies rumored”.

For large traders, profit growth is mainly due to a series of supply constraints and turbulent events.

Although US President Trump threatened, he did not actually impose import tariffs on refined copper, thus creating huge opportunities for arbitrage. This has set an unprecedented record for the spread of US copper prices compared to the global benchmark, and traders can make almost certain profits by shipping spot metals to the US.

Against the backdrop of expanding smelting capacity and limited new supply, prices of concentrates such as copper, lead, and zinc soared, benefiting traders who usually hold long-term contracts.

The sharp rise in gold and silver prices has also brought rich profit opportunities to traders — these precious metals are often traded together as by-products of basic metals, prompting many trading companies to set up dedicated precious metals teams.

People familiar with the matter revealed that Glencore's metal trading business set a record in the first half of 2025. The adjusted profit before interest and tax reached 1.57 billion US dollars, and maintained a similar growth rate in the second half of the year. Also, according to people familiar with the matter, Toko Group's non-ferrous metals traders also set profit records in the fiscal year ending September.

Glencore Metals Trading Generates Massive Profits

Among energy traders seeking to expand their metals business, although Victoria was profitable, Trump's sudden decision to exempt refined copper tariffs in July caught them by surprise.

Gong Wo's Turnquist said the company needed time to adapt to setting up a metals trading account “from scratch.” It's also a highly competitive market, and we're not advancing as fast as some of our competitors. We prefer a balanced strategy, and some other companies are more aggressive.”

The boom in the industry has sparked a battle for talent in metals trading. Macquarie alone formed a team of about 150 people in one year. New entrants from BGN Group to Saudi Aramco Trading, the Saudi Aramco trading division, are continuing to recruit.

A number of small traders have successively received takeover offers. Brent Omran, CEO of specialty metals company Ocean Partners Holdings, revealed that he and his partner were “not in a hurry to sell” in recent years and particularly recently.

“There is no denying that we are experiencing a year of explosive performance,” Omran said in an interview. “If we can survive the downturn in the copper market in 2023 or even part of 2024, the current market is an excellent time for trading.”