Global metal industry records second consecutive year of high profits

The global metals industry has achieved record profits for the second consecutive year, a trend highlighted during the London Metal Exchange (LME) Week.

Trafigura Group reported record metal trading profits of approximately $2 billion for its fiscal year ending in September. Meanwhile, Glencore is experiencing some of the highest profits in its history, though its overall results were impacted by a $480 million provision related to its exposure to ferroalloys trader Radiant World.

The profitability surge is driven by record-high prices for metals such as copper, gold, and silver. Additionally, the market for semi-processed copper concentrate remains exceptionally tight. While some anticipated fewer opportunities for trading firms, the absence of refined copper tariffs in the US has sustained the profit cycle for copper traders.