The world’s metals traders are experiencing their most profitable year on record in 2025, as global supply disruptions, surging prices, and major arbitrage opportunities have reshaped the metals market. From copper and zinc to silver and gold, the sector has become a rare bright spot in commodities trading, even as profits in oil, gas, and grains decline.

According to people familiar with company results, Glencore Plc and Trafigura Group—the two dominant names in the metals trade—are each on track for their best-ever annual performance. IXM, the third-largest player in the market, has already surpassed its 2024 earnings and is set to mark its third consecutive record year. “There have been some phenomenal opportunities this year,” said IXM Chief Executive Officer Kenny Ives at a Bloomberg event in London recently. “It has been a great time to be a base metal trader in 2025. You rarely see years like 2025.”

The earnings boom marks a significant shift for a sector that only a few years ago was facing thin margins and subdued demand. A mix of geopolitical maneuvering, tight supply chains, and government intervention has dramatically altered trade flows, sending both physical and paper markets into overdrive. One of the catalysts came from the United States. President Donald Trump’s threats to impose tariffs on refined copper—though never implemented—created a sharp divergence between US and international prices. The premium on copper sold into the US soared to record levels, giving traders an opportunity to ship metal to American ports for near-certain profits. The arbitrage was so pronounced that traders described it as one of the most lucrative plays in recent years.

Beyond copper, prices for mined ores, known as concentrates, have jumped across several metals, including lead and zinc. The combination of limited new mine supply and growing smelting capacity has benefited traders with long-term supply contracts. The rally has also extended into precious metals. Gold and silver, which often emerge as byproducts in base metal operations, have surged sharply, prompting several trading firms to form or expand dedicated precious metals desks.

For Glencore, the trading surge has translated into substantial financial results. The company reported record earnings from its metals trading unit in the first half of 2025, posting adjusted EBIT of $1.57 billion. A person familiar with its operations said the performance has continued at a similar pace in the second half of the year. Trafigura is understood to be experiencing comparable momentum, according to market participants. Meanwhile, newer entrants in the space are finding mixed results. Mercuria Energy Group Ltd.—one of the energy traders most aggressively expanding into metals—has earned roughly $300 million in metals trading profits so far this year, according to Bloomberg. That marks a strong validation for the company’s strategic pivot toward metals, an area increasingly viewed by governments and investors as central to the global energy transition. “The boom vindicates the recent push into metals,” one industry insider said, pointing to rising demand for copper and other materials essential to electrification.

Other energy-trading giants, however, have been more cautious. Vitol Group and Gunvor Group, two of Mercuria’s long-standing competitors in oil and gas, have seen only modest metals profits. People familiar with the matter said Vitol was caught off guard when Trump unexpectedly exempted refined copper imports from tariffs in July, reversing market expectations. A Vitol spokesperson declined to comment on the firm’s performance.

The rush of profits has also intensified competition for talent. Trading houses are rapidly expanding their teams to capture market share in what many now see as a new long-term growth area. Mercuria, for instance, has built a metals trading division of about 150 people in just over a year. Other entrants—including BGN Group and Aramco Trading, the trading arm of Saudi Arabia’s state oil company—are also recruiting specialists to develop their own metals desks.

The 2025 metals boom stands out as a stark contrast to the broader commodities landscape. While oil and gas trading margins have compressed amid more stable supply and waning volatility, the metals business has delivered record returns fueled by scarcity and strategic realignment. With governments treating access to critical minerals as a national priority, traders are finding themselves at the center of a rapidly evolving global supply network—one that shows few signs of slowing as the year progresses.