Trafigura's Metals Desk Earned About $2 Billion, People Familiar Say, as Traders Post a Second Boom Year

The people who move metals around the world are having the best stretch of their careers.

Trafigura's metals business earned roughly $2 billion in the 12 months to September, according to people familiar with the results who asked not to be identified. That would be a record. Trafigura declined to comment.

The company typically publishes audited figures in early December. The people said the numbers could still shift, including through revaluations of assets such as its Nyrstar smelter.

The trading houses

Glencore is also having one of its strongest profit years on record, according to people familiar with the matter. Its consolidated results carry a $480 million provision tied to its exposure to iron ore trader Radiant World. Glencore declined to comment.

Mercuria, which has pushed hard into metals from its energy base, is positioned to match or beat last year's operating profit of more than $300 million, the people said. It has put more than $4 billion into metals deals, from Congolese copper to Indonesian aluminum. Mercuria declined to comment.

IXM, the trading arm of CMOC Group, is also pacing toward a record, a person with knowledge said. CMOC's half-year report said IXM achieved a record high in operating revenue for the period.

Vitol's expanding metals business is expected to earn more than $100 million this year, according to people familiar. That beats last year but still trails Mercuria.

The mood at London Metal Exchange Week, which wrapped Friday, Oct. 23, showed it. Champagne flowed. Traders told colleagues privately that they are earning the most of their careers, and rivals and new entrants are bidding for them to build metals franchises.

Why the money is flowing

Copper, gold and silver have all set record prices. The market for copper concentrate, a staple of physical trading, has been exceptionally tight.

President Trump ultimately did not impose tariffs on refined copper last summer. Lingering uncertainty over whether such tariffs might still appear has kept copper shipments flowing into the U.S., which has been lucrative for traders.

That is the pattern across this market. Traders earn money when prices swing and when supply chains get disrupted. Conflict and trade friction supply both.

Banks are cashing in too

Precious-metals desks at the big banks are on track for their best year ever. Globally, banks are set to earn about $5 billion from the business this year, the most on record in a series compiled by Crisil Coalition Greenwich.

JPMorgan Chase earned about $700 million from trading and handling gold, silver and other precious metals in the first half of 2026, people familiar said. Its best full year, 2020, brought in just over $1 billion. Deutsche Bank's desk has brought in more than $200 million so far, according to a person familiar. Spokespeople for both banks declined to comment.

A frenzy of speculative buying pushed gold and silver to all-time highs earlier this year. Short-dated options and leveraged exchange-traded funds surged in popularity. Desks also made money flying bars between trading hubs to exploit price gaps.

"Most people I've spoken to here had a very good year, a record year," said Greg Frith, senior precious metals trader at Centalion Group, the trading house formerly known as Gunvor. He spoke at the London Bullion Market Association conference in Italy this week.

Banks want a bigger piece of the plumbing, too. Citigroup became the first new entrant in a decade to the group providing vaulting and clearing services in London, joining JPMorgan, UBS, HSBC and ICBC Standard Bank. Deutsche Bank and Morgan Stanley are also seeking to join, people familiar said.

Central banks keep buying

The other big buyers are governments. Central banks bought a net 62 tons of gold in July and August, according to World Gold Council data.

China's central bank extended its buying streak to 22 consecutive months in August, adding 20 tons. It has bought 80 tons this year. Gold makes up about 9 percent of China's total reserves, the council said.

Poland's central bank bought 98 tons in the first eight months of 2026. Uzbekistan bought 50 tons and Kazakhstan 36 tons. Russia sold 6 tons in August and Jordan sold 3 tons.

Goldman Sachs projects central banks will average 50 tons a month this year, up from 17 tons a month before 2022. It forecasts gold will reach $4,900 an ounce.

Marissa Salim, senior research lead at the World Gold Council, said the activity "continues to reflect longer-term reserve objectives," with monthly swings reflecting implementation and liquidity needs.

Rick Kanda, managing director at The Gold Bullion Company, told The Epoch Times that central bank demand is not the main driver of gold's rise but could help set a long-term floor. The Epoch Times also reported that higher interest rates, as central banks tighten amid a war-driven energy shock, could cap gold's gains.

What to watch

The windfall comes with a visible cost of risk. Glencore's $480 million Radiant World provision shows that even in a record year, counterparty exposure can take a bite out of results.

The next hard data point is Trafigura's audited accounts in early December. Those will show whether the roughly $2 billion figure survives revaluations of assets like Nyrstar.