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Richard Holtum, a former soldier, is set to become the next CEO of Trafigura, a commodity trading company. Known for his focus on profits, Holtum has rapidly risen through the ranks of Trafigura, overseeing the company's global gas business. As Trafigura faces challenges such as staff departures, trading debacles, and corruption allegations, Holtum's first task will be deciding whether the company can maintain its pace of share buybacks. With falling profits and the departure of major shareholders, Holtum faces the challenge of navigating Trafigura's share buyback bill. [Extracted from the article]

A former Glencore copper trader, Sebastien Le Page, is planning to return to the industry, but not in physical trading. Le Page believes that the copper market is becoming hot again and wants to advise industrial buyers, funds, and mining investors on acquiring copper and copper mines. He is partnering with Peter Kalkandis, Glencore's former head of base metals in Australia. Le Page criticizes the current state of physical trading, stating that it has become controlled by compliance, accountants, and lawyers. He also mentions a potential copper shortage due to underinvestment in new mines. [Extracted from the article]

Glencore Plc, Mercuria Energy Group, and Trafigura Group have purchased copper from the Democratic Republic of Congo's state miner, marking the first time the miner has marketed metal from joint-venture projects. The three commodity trading houses successfully bid to buy copper from CMOC Group Ltd.'s Tenke Fungurume mine. Gecamines, the state firm, may create more opportunities for traders if it sells its share of output from other mines in Congo. The mine, Tenke, is one of Congo's largest, exporting significant amounts of copper and cobalt. [Extracted from the article]

China's gasoline demand is expected to peak this year or next due to the increasing adoption of electric vehicles, according to Vitol Group. This has raised concerns about oil demand relative to supply. The global oil market is expected to be well-supplied for the next two years, with US crude production at near-record levels and the OPEC+ coalition postponing output hikes. Vitol sees overall global oil demand peaking in the 2030s, but notes pockets of weakness in Chinese gasoline and diesel demand as they are being replaced by electric vehicles and LNG-fueled trucks. [Extracted from the article]

The London Metal Exchange (LME) is planning to increase electronic trading in its monthly contracts, potentially reducing activity in its three-month rolling contracts that are currently the benchmark for the global metals industry. The LME's historical practice of three-month contracts has set it apart from rival exchanges, but has also frustrated some users. The LME's new measures, including a requirement for dealers to place small trades electronically, aim to give users more options and let the market decide where they want to trade. The LME acknowledges that these changes may pose a threat to existing dealers' business models but believes they are necessary to modernize the market and maintain fair and efficient markets. [Extracted from the article]

The London Metal Exchange (LME) is planning to implement measures to increase electronic trading in its monthly contracts, potentially reducing activity in its three-month rolling contracts that are widely used as a benchmark in the global metals industry. The LME aims to make monthly contracts the primary liquidity point for users, similar to other exchanges. These measures may also encourage a shift away from phone-based trading and boost trading on the LME's electronic platform. While the LME has been seeking to enhance liquidity in its electronic contracts, some users are concerned that this may impact trading in its daily forward contracts, which have been crucial to the LME's status as a global pricing benchmark since its establishment in the 19th century. [Extracted from the article]

Trafigura Group, one of the world's largest commodity traders, has entered into a $400 million prepayment deal for iron ore with Mineral Resources Ltd., an Australian mining company. The deal allows Mineral Resources to preserve cash during a downturn in its main commodities. Trafigura has been expanding its iron ore trading in recent years and this deal represents its latest move in that direction. The terms of the deal have not been disclosed due to confidentiality restrictions, but it is repayable through the delivery of iron ore between 2026 and 2028. [Extracted from the article]

The Dutch Public Prosecution Service is investigating commodity trading company Vitol Group for its activities in Kazakhstan. Vitol has confirmed that it has been contacted by Dutch authorities and will cooperate with the inquiry. This investigation comes after a series of legal issues for Vitol in the US, including a recent guilty plea from a former Vitol oil trader for bribery charges. Vitol has been operating in Kazakhstan for many years, engaging in significant crude oil deals. The news of the investigation was first reported by Follow The Money. [Extracted from the article]

The Swiss trial of Trafigura Group and its former Chief Operating Officer, Mike Wainwright, on corruption charges is scheduled for December. This case is expected to bring attention to allegations of wrongdoing in commodity trading. Wainwright, who spent his entire career at Trafigura, is the first senior executive at a commodity trading firm to face trial on corruption charges. The charges allege that Wainwright approved bank transfers and cash payments totaling around $5 million to the head of a unit of Angola's state oil company. Trafigura, which pleaded guilty to separate corruption charges in the US, has stated that it will defend itself in court. [Extracted from the article]

Mercuria Energy Group Ltd. is expanding its presence in the metals market by hiring Xavier-Alexandre Ortiz, the former head of lead and zinc at rival trader IXM SA. Ortiz will join Mercuria in the same role once his gardening leave ends in the next few months. This hiring spree follows the recent appointment of Kostas Bintas, the former co-head of metals at Trafigura Group, to lead Mercuria's push into metals. Mercuria plans to build a metals team of around 40 staff, and more senior hires are expected in the coming months. [Extracted from the article]

Two senior oil traders at Trafigura Group in the US are leaving the company as it undergoes a management succession and energy trading profits normalize. Kevin Jebbitt, the head of US crude trading, is retiring after 13 years with the company. Conor McFadden, an oil trader, is also leaving. Their responsibilities will be taken over by Nick Bassett, who currently leads Trafigura's liquefied petroleum gas business in the region. Trafigura has hired more than a dozen people in its oil division this year. The company has seen a wave of senior departures and its CEO, Jeremy Weir, is reportedly preparing for his own succession. [Extracted from the article]

Alex Beard, the former head of oil at Glencore Plc, has stepped down from the board of Adaptogen Capital, an investment company he co-founded. Adaptogen Capital focuses on investing in large-scale batteries connected to the UK grid. The reason for Beard's departure was not provided in the filing, and neither Adaptogen Capital nor Beard's spokesperson have commented on the situation. Beard, who was a top executive at Glencore for over a decade, saw Adaptogen Capital as a new chapter in his career in energy markets. [Extracted from the article]

Vitol Group, the world's largest independent oil trader, paid a record dividend of $6.5 billion last year, resulting in an average payout of $14 million for each of its approximately 450 employee-owners. Over the past 15 years, Vitol has distributed more than $25 billion to its partners. This windfall is a result of the commodity market volatility caused by Russia's invasion of Ukraine, which has benefited the traders and executives who own the largest trading houses. Vitol, along with three other leading energy traders, has made combined net profits of over $50 billion in the past two years. These companies are also reinvesting their profits into assets, including renewable energy. However, the commodity trading industry is facing increased scrutiny from governments due to concerns about energy security and corruption. [Extracted from the article]

Commodity trading giant Trafigura Group is facing a significant share buyback bill after years of high profits. The company uses buybacks as a way to reward its top traders and has committed to repurchasing a large number of shares each year. However, the recent decline in the commodity trading industry and a wave of senior departures have increased the number of shares Trafigura must buy back. The company has options to address this, such as drawing down retained earnings and having discretion over when to pay for the shares. The buyback obligations are a concern for current and former employees, as their personal wealth is tied up in the company. Trafigura has proposed amendments to its agreement with shareholders, including capping the interest it pays on committed but unpaid buybacks. The company's CEO, Jeremy Weir, stated that the change was necessary to ensure the company could keep up with its scheduled buybacks. Trafigura has faced controversy due to proposed changes that would allow the company to claw back employees' shares in various circumstances, including if they were found to have broken the law or violated the company's code of conduct. Trafigura has withdrawn this proposal and will review it. Despite the buyback obligations, Trafigura has continued to invest its earnings in new ventures. [Extracted from the article]

The London Metal Exchange (LME) has announced that it will suspend deliveries of nickel from a plant in Finland owned by Russia's MMC Norilsk Nickel PJSC. This decision comes as Norilsk's products have been deliverable despite western sanctions on Russian metal. The LME did not provide a specific reason for the suspension, but it has been delisting various metal brands this year in order to ensure compliance with responsible-sourcing rules. The Harjavalta plant in Finland is a significant producer of refined nickel, with an annual capacity of 65,000 tons. [Extracted from the article]

Hedge funds such as Anchorage Capital Advisors and Squarepoint Capital LLP are investing in cobalt by purchasing physical material due to falling spot prices and a more liquid futures market. Cobalt prices have dropped to their lowest in over seven years due to increased production from the Democratic Republic of Congo and Indonesia. This trend of financial players getting involved in physical metal trades is reminiscent of a decade ago when funds took advantage of weak cobalt prices. The emergence of a liquid futures market on CME Group's Comex exchange allows traders to hedge their physical positions. The surplus of cobalt has created a significant gap between spot prices and futures prices, providing opportunities for profitable trades. Squarepoint has been buying cobalt metal, while Anchorage has been purchasing both cobalt metal and cobalt hydroxide. However, there is added risk and complexity in the cobalt market due to the cash settlement of CME contracts, as traders must find buyers in a small and illiquid physical market. The market is already oversupplied, and weak sales in the electric vehicle sector and the rise of cobalt-free lithium-iron phosphate batteries pose threats to demand. China's strategic stockpiling agency has been buying surplus inventories, indicating the metal's strategic value in electric vehicles and defense. In the past, funds sold their cobalt to Cobalt 27, which saw its value soar before crashing due to increased supply. [Extracted from the article]

Trafigura Group, a trading giant, has secured a share of the production from the Kipushi zinc mine in the Democratic Republic of Congo. The mine, which recently started production, is set to be one of the world's largest zinc mines and will produce a semi-processed form of ore known as concentrate. Trafigura's competitors, Glencore and IXM, did not secure a share of the offtake. The market for zinc concentrates has been tight, with processing fees dropping and treatment charges reaching their lowest level since 2014. Glencore, once a dominant player in the zinc market, has recently made changes in its zinc unit and exited certain investments. [Extracted from the article]

Kostas Bintas, the former co-head of metals at Trafigura Group, is joining Mercuria Energy Group along with several of his ex-colleagues to lead a major expansion into the metals market. Bintas, known for his bullish stance on copper, will head a new metals team at Mercuria, which aims to become a major competitor to Trafigura. This move comes as energy traders like Vitol Group and Gunvor Group are diversifying into metals, capitalizing on the potential of the energy transition. Mercuria has previously faced challenges in expanding its metals trading business but has recently been more active in securing major copper deals. [Extracted from the article]

Spot copper prices in New York are trading at a premium to later-dated futures, creating pressure on holders of short positions. This follows a historic squeeze last month, where the spread traded in an unprecedented backwardation. While the global copper market is generally well-supplied, inventories in Comex warehouses have fallen to a 15-year low, forcing traders to scramble to find and ship select brands of copper to settle their exposure. The re-emergence of the steep backwardation suggests that many short-position holders have yet to cover their exposure. [Extracted from the article]

Trafigura Group, one of the world's largest commodity traders, has agreed to pay $55 million to settle allegations from the US Commodity Futures Trading Commission (CFTC) that it manipulated a fuel oil benchmark and obstructed cooperation with regulators. The CFTC made three separate allegations against Trafigura, including improperly obtaining nonpublic information, manipulating a fuel oil benchmark, and interfering with communications with whistleblowers. Trafigura did not admit or deny the allegations but stated that it has taken steps to enhance its compliance program. This case is part of a trend of the CFTC targeting wrongdoing by physical commodity traders. [Extracted from the article]

Commodity trading house Gerald Group has revealed that it paid nearly $49 million for tin that turned out to be fraudulent. The company made a provision of $37.3 million in its 2023 financial accounts after the deal to purchase Brazilian tin went wrong. This is the first time that Gerald Group has acknowledged the fraud and quantified the potential loss it faces. The incident highlights the need for better oversight in the metals trading industry, which has been plagued by scandals in recent years. [Extracted from the article]

The wait time for aluminum delivery on the London Metal Exchange (LME) has increased to over five months due to a large delivery of metal from Trafigura Group in May. Data from the LME shows a wait of 159 days for aluminum at warehouses owned by Istim Metals in Malaysia, compared to no queue in April. This is the longest queue since June 2021. The LME has implemented rules to discourage the build-up of queues, including not allowing warehouses to earn rent on metal that spends more than 80 days in a queue. Additionally, recent data shows a decrease in the concentration of Russian stock in LME warehousing, with a large volume of metal delivered in May being of Indian origin. [Extracted from the article]

The wait time for aluminum delivery on the London Metal Exchange (LME) has increased to over five months due to a large delivery from Trafigura Group in May. Data from the exchange showed a 159-day wait for aluminum at warehouses owned by Istim Metals in Malaysia, the longest queue since June 2021. Trafigura was reportedly behind the delivery, with banks and hedge funds purchasing the aluminum and ordering it out again. Lengthy queues have been a recurring issue in the LME aluminum market, prompting the exchange to introduce rules to discourage the build-up of queues. [Extracted from the article]

Commodity trading giant Trafigura Group is facing a significant issue with overdue debts, with 15.8% of its receivables being more than 60 days overdue, amounting to $1.66 billion. This is a substantial increase from the previous six months. Additionally, Trafigura recognized expected credit losses of $330.2 million, a significant rise from previous years. The company attributes these challenges to factors such as commodity prices, payment issues in importing countries, and higher interest rates. The situation may also be influenced by losses related to its oil activities in Mongolia. Trafigura remains confident in its ability to recover outstanding balances. [Extracted from the article]

Trafigura Group, a commodity giant, has reported a 73% drop in its first-half profit compared to the previous year. This decline is attributed to calmer conditions in the energy and metals markets, signaling the end of a highly profitable period for the commodity trading industry. Trafigura's net profit for the six months through March was $1.47 billion, down from a record $5.5 billion the previous year. Despite the decrease, the company's earnings were still higher than most of its annual profits before 2020. The company's energy division saw a 50% drop in operating profit, while the metals division experienced an 11% increase. Trafigura has also faced setbacks, including falling victim to a nickel fraud and incurring losses related to its oil activities in Mongolia. The company has attributed some payment problems to high commodity prices, with overdue invoices increasing to 16% at the end of March. [Extracted from the article]

Sprott Inc. has launched a $100 million fund called the Sprott Physical Copper Trust, which will buy and hold physical copper. This marks a comeback for a controversial investment product that has faced scrutiny from investors and regulators in the past. The fund will purchase copper directly from mining companies and trading houses and store it in warehouses across Europe, North America, and Asia. While the amount of copper purchased by the fund is relatively small compared to the global market, it provides investors with an alternative to holding copper futures. The sale of the Sprott Physical Copper Trust was led by several banks, including Canaccord Genuity Corp and Bank of Montreal. [Extracted from the article]

Copper prices recently reached a record high, but Trafigura Group, a top copper trader, believes that this surge is not justified by real-world supply and demand. Trafigura's Chief Economist, Saad Rahim, stated that the prices of non-ferrous metals, especially copper, have risen higher than what the physical spot market fundamentals would indicate. While investors have been investing in copper futures, the Chinese market, a leading consumer, has shown signs of weakness. Despite this, Trafigura predicts that the market will tighten due to supply constraints, such as the closure of a mine in Panama, leading to a shortage of concentrates and potentially tighter inventories of refined metal. [Extracted from the article]

Trafigura Group, a commodity giant, has reported a 73% drop in its first-half profit compared to the previous year. This decline is attributed to calmer conditions in the energy and metals markets, as the commodity trading industry moves away from its most profitable period. Trafigura's net profit for the six months through March was $1.47 billion, down from a record $5.5 billion the previous year. Despite the decrease, the company's earnings were still higher than most of its annual profits before 2020. Trafigura's energy division saw a 50% drop in operating profit, while the metals division experienced an 11% increase. The company has also faced setbacks, including falling victim to a nickel fraud and incurring losses related to its oil activities in Mongolia. [Extracted from the article]

Commodity traders are engaged in a fierce competition for copper, leading to favorable negotiations for miners. Energy traders like Mercuria Energy Group are expanding into the metals market, challenging the dominance of Glencore and Trafigura. Mining companies, such as Eurasian Resources Group, are taking advantage of the situation by seeking upfront payments for their copper and aluminum production. The industry is facing a supply shortage in copper ore, and while demand is currently low, physical and financial players are positioning themselves for future deficits and rising prices. Traders are offering large prepayment deals to secure supply, indicating a market heavily favoring sellers. [Extracted from the article]

Commodity trader Trafigura Group has settled a lawsuit brought by the billionaire Reuben brothers after selling them a cargo of nickel that was part of a high-profile fraud. The Reuben brothers claimed that Trafigura had delivered fraudulent shipping documents when it sold them the nickel and sought $8.4 million in damages. Trafigura has settled the case and paid the Reuben brothers, while another legal action against Trafigura in Singapore over a different cargo of nickel is ongoing. Trafigura is also continuing its legal battle against Prateek Gupta, the man it accuses of perpetrating the fraud. [Extracted from the article]

Adhitya Sethaputra, the co-head of refined-metals trading at IXM, is leaving the company, making Tom Mackay the sole head of refined metals. This personnel change is part of a series of changes at the trading house owned by Chinese miner CMOC Group. IXM, the third-largest metals trader, has recently announced its withdrawal from the aluminum market and has undergone significant restructuring under CEO Kenny Ives. The company has decided that a single head structure for its refined metals business is more appropriate, given the winddown of its aluminum business. [Extracted from the article]

The historic squeeze in New York copper futures is coming to an end, as the key price spread between July and September contracts returns to pre-turmoil levels. Traders who had short positions faced significant losses during the spike in prices, but now have the opportunity to roll their positions forward without taking a hit. However, analysts warn that further price blowouts are possible due to global shortages. Copper prices have also dropped in New York, London, and Shanghai, following the spike. [Extracted from the article]

Trafigura Group, a commodities trading giant, has been delivering large volumes of aluminum onto the London Metal Exchange (LME) while expressing a bearish view on the market. In response, banks and hedge funds such as Squarepoint Capital, Citigroup, and JPMorgan have been buying up Trafigura's metal and ordering it back out of the warehouse system. This clash has resulted in a change in who owns the world's aluminum inventory and has caused controversy and delays in the LME aluminum market. The events are the culmination of a trade that began months ago, with Trafigura accumulating a stockpile of aluminum in Port Klang, Malaysia. The buyers of the aluminum are likely to use it for financing deals in the short term, but the trade could be profitable if the physical market tightens and allows it to be shipped to real-world buyers. The bullish view of aluminum is gaining traction, with investors on the LME becoming more bullish and forecasts predicting a tightening market in the second half of the year. [Extracted from the article]

Several major shareholders of Anglo American Plc are supporting the company's efforts to persuade BHP Group to amend the structure of its takeover proposal or provide compensation for the risks involved. BHP has one week to convince Anglo of the value of its $49 billion acquisition plan, which includes the spinoff of majority stakes in South African platinum and iron ore units. While the two sides are closer in their valuation views, Anglo continues to view the structure as too complicated and burdensome for its investors. Shareholders are open to a deal but would like BHP to increase its offer and address the uncertainty surrounding South African regulatory concessions. South Africa's Competition Tribunal considers antitrust impacts and public interest factors, making it difficult to estimate the cost of the demergers. Anglo's second-largest shareholder, the Public Investment Corp., has called for a meaningful revision to the takeover proposal. Some shareholders suggest that BHP should commit to covering any lost value resulting from the spinoff process or sweeten the all-share offer with cash. Two shareholders believe that BHP walking away could still have a positive outcome. Anglo American's stock is currently trading below the value of BHP's proposal. Anglo is planning to exit platinum, diamond, and coal mining to focus on iron ore and copper operations as part of its own turnaround strategy. [Extracted from the article]

Several major shareholders of Anglo American Plc have expressed support for the company's stance in negotiations with BHP Group regarding a takeover proposal. BHP has one week to convince Anglo of the value of its $49 billion acquisition plan, which includes the spinoff of majority stakes in South African platinum and iron ore units. While some shareholders are open to a deal, they want BHP to increase its offer and address the risks and costs associated with the proposed structure. Anglo is concerned about the uncertainty of concessions that may be demanded by South African regulators. The outcome of the negotiations is still uncertain, but some shareholders believe that BHP walking away could be a positive outcome for Anglo. [Extracted from the article]

China is planning to purchase a record amount of cobalt for its state reserves due to low prices. The National Food and Strategic Reserves Administration is expected to buy around 15,000 tons of refined cobalt, with purchases starting in the coming month. The price of the tender is estimated to be between 200,000 yuan and 220,000 yuan a ton. Cobalt prices have dropped to five-year lows due to increased production in the Democratic Republic of Congo and Indonesia. China is the largest global refiner of cobalt. The purchases by China's state stockpiler could have a significant impact on the price of cobalt. [Extracted from the article]

Jesus Fernandez, the head of mergers and acquisitions at Trafigura Group, is retiring after approximately 20 years with the company. This departure is part of a larger trend of senior executives leaving the commodity trading giant, including Executive Director Jose Larocca and Chief Financial Officer Christophe Salmon. Fernandez played a significant role in Trafigura's transformation into a major player in the raw materials industry, overseeing the company's expansion into zinc and lead smelting and fuel retailing in Africa and Latin America. Patrick Burke will succeed Fernandez as the new head of mergers and acquisitions. [Extracted from the article]

The New York copper market experienced a record squeeze, but the situation has improved as CME Group Inc. raised trading margins and copper prices on the London Metal Exchange increased. The spread between the Comex and LME copper contracts, which had reached over $1,000 a ton, narrowed to about $400. This dislocation in the market has led to efforts to redirect copper supplies to the US. While the situation has eased, there are still signs of significant stress in the market. [Extracted from the article]

The London Metal Exchange (LME) is facing a resurgence of the warehouse queue issue after two large requests to withdraw aluminum from LME stockpiles. The amount of aluminum waiting to be delivered out in Port Klang, Malaysia has reached 352,875 tons. This comes after over 600,000 tons of aluminum was delivered into Port Klang in the past week, with Trafigura Group being a key player. The LME has implemented rules to address the issue, including capping the amount of rent that can be charged in a queue. [Extracted from the article]

Copper futures in New York have reached a record high due to a short squeeze, leading to a rush to divert metal to the US. The surge has caused the price of copper for July delivery on the New York exchange to trade at a premium compared to later months and other global exchanges. Traders in China are arranging shipments to Comex warehouses in the US to meet the demand. The spike in prices has also resulted in the biggest-ever backwardation in the Comex market, indicating tight nearby supply. [Extracted from the article]

A recent record delivery of aluminum onto the London Metal Exchange (LME) has raised concerns about potential trading games. The influx of over 500,000 tons of aluminum was driven by deliveries into warehouses in Port Klang, Malaysia, with Trafigura Group being a key player behind the deliveries. While the metal has been placed on warrant on the LME, it has not yet been trading on the market. This delivery comes ahead of a key liquidity point on the LME, raising the possibility of a significant amount of aluminum changing hands. The LME has previously faced issues with queues forming for metal delivery, prompting the exchange to introduce new rules. The recent delivery indicates a new phase in the market, and the origin of the metal delivered at Port Klang has not been disclosed. It is likely that a significant portion of the delivery is Indian metal, which would be good news for the LME as it has faced concerns about becoming a dumping ground for old Russian metal. The influx of metal has not had a major impact on prices. [Extracted from the article]

ED&F Man, a long-standing UK commodities trader, is currently in talks to be acquired by US energy firm Hartree Partners LP. Hartree has already purchased a significant amount of ED&F Man's debt, which exceeds $1 billion. The potential acquisition reflects the changing landscape of the industry, with newer players like Hartree reshaping the market. ED&F Man, known for its global transportation of sugar and coffee, has been considering various offers and is currently evaluating what is in the best interest of its stakeholders. Both companies have declined to comment on the ongoing discussions. [Extracted from the article]

Rio Tinto Group and Glencore Plc, two of BHP Group's biggest rivals, are currently observing the takeover offer for Anglo American Plc before making any moves. Rather than pursuing rival bids for the entire company, both Rio Tinto and Glencore are waiting for opportunities to acquire specific parts of Anglo's business as BHP's bid progresses. The mining industry is experiencing a period of intense M&A activity, with all major miners looking to expand in copper, which is the primary driver for BHP's bid. However, any deal for Anglo is expected to be complex due to the company's structure and unique mix of commodities. Rio Tinto and Glencore are seen as the most likely contenders for Anglo, but they are not currently under pressure to make an offer. Both companies are closely monitoring BHP's approach and the potential restructuring of Anglo's copper assets. Glencore is particularly interested in specific Anglo assets that may become available as a result of the takeover. The article also highlights the implications of a successful takeover for BHP, as it would become the largest miner and significantly enhance its commodity portfolio. The industry as a whole is closely watching the developments, as it could impact dealmaking in other areas. [Extracted from the article]

Several major shareholders of Glencore Plc, including former CEO Ivan Glasenberg, the Qatar Investment Authority, and BlackRock Inc., believe that the company should keep its coal assets instead of spinning them off, according to anonymous sources. Glencore's coal business has been highly profitable and has driven record returns in recent years. The company had previously announced its intention to spin off the coal business, but now it will depend on shareholder preference. Some shareholders view the coal business as a valuable asset that strengthens the entire company, while others may be forced to sell their shares if the coal business is spun off due to their own policies. [Extracted from the article]

Some of the world's largest energy trading companies, including Vitol Group, Gunvor Group, and Mercuria Energy Group, are expanding their presence in the metals market. This move is driven by bullish forecasts for metals like copper and aluminum, as well as the strong connection between metals usage and power markets. The entry of these energy giants into the metals sector could challenge smaller-scale traders and potentially impact the market. Despite past difficulties, the companies are now leveraging their capital and expertise to capitalize on trading opportunities in the metals market. [Extracted from the article]

The London Metal Exchange (LME) has implemented new rules to address a trading strategy that emerged after sanctions were imposed on Russian metal. The strategy involves withdrawing Russian metal from the LME and selling it back on the exchange under a less-desirable category. This trade has caused a decrease in available LME aluminum stocks. The new rules aim to increase scrutiny of rent share deals and allow buyers to convert metal back to a freely tradable category. The LME has also simplified the process for placing previously withdrawn Russian metal back into the system. [Extracted from the article]