Global metals trading logged a second consecutive year of explosive profit
growth, with several major traders recording record results and traders
pocketing billions. A rival vying with Glencore for the top global metals-trader
spot posted about $2.0bn of metals-trading profit for the fiscal year to
September. Glencore also recorded one of its best-ever metals performances but
took a $480m provision tied to exposure to iron-ore trader Radiant World. The
strong earnings lifted sentiment at LME Week; traders report career-high
compensation and increased recruitment by competitors and new entrants. Vitol’s
metals business is expected to post profits above $100m this year but remains
behind peers such as Mercuria.
