据知情人士透露，本周卸任高盛集团贵金属交易主管的Benjamin Binet-Laisne，将加盟摩科瑞能源集团 （Mercuria）。这是摩科瑞在金属领域最新的一项重量级人事任命，该公司以石油和天然气交易为人熟 知。自2024年引入前托克集团金属联席主管科Kostas Bintas以来，摩科瑞已将铜、铝等金属交易业务扩 展至约150人规模。在地缘政治风险上升、投资者撤离货币和美债的背景下，贵金属投资需求出现一波 激增，推动各方加快组建交易团队。知情人士称，顶级大宗商品交易商托克和贡沃去年已引入贵金属交 易团队，而竞争对手IXM和摩科瑞也在持续招兵买马。 本文源自：金融界AI电报 ...

【环球网财经综合报道】据彭博社等外媒报道，近日，摩科瑞能源集团全球金属与矿产业务负责人Kostas Bintas再度发表对铜价的看多预测，并警示近期涌 向美国的金属运输热潮可能抽干世界其他地区的库存。 近期，受纽约商品交易所铜期货高额升水吸引，交易员不断增加向美国运送铜的规模，以期捕捉套利机会。这一升水源于市场对未来潜在关税走向的不确定 性。本月初，美国地质调查局（USGS）公布的最新关键矿产清单首次将铜列入其中，而此前美国政府曾下令对关键矿产进口开展关税调查，清单内矿产可 能面临关税或贸易限制。 与此同时，一系列矿山生产中断加剧供应趋紧，全球铜价持续上行。当地时间本周五，伦敦金属交易所（LME）期铜创下盘中历史新高，美国期铜亦显著 走强。Bintas称，随着利润丰厚的美国套利窗口重新开启并抽走其他地区的供应，铜价将进一步攀升，"如果世界继续这样下去，其他地区或将无铜可 用。"他在采访中未给出具体价格目标，但强调LME全球基准铜价只会继续上涨。 早在今年3月，Bintas就曾预测，因美国抽走全球供应，铜价或升至每吨12000或13000美元。摩科瑞的竞争对手IXM与Gunvor的高管近期也警告，接连发生 的矿 ...

Core Viewpoint - The gold market is experiencing a significant surge, leading to a high demand for professional gold traders, with bonuses offered by physical trading companies reaching 2 to 3 times the salaries in banks, which was previously unimaginable [1] Group 1: Market Dynamics - The precious metals market has exploded, with London as a major trading center seeing weekly gold trading volumes exceeding $600 billion, and a recent large-scale arbitrage trade attracting hundreds of billions of dollars in metal inflows to the U.S. [3] - The London market has also witnessed intense silver short squeeze activities, indicating a continuous rise in market heat [3] Group 2: Talent Shortage - Despite the large market, there is a notable shortage of qualified professionals, a long-term issue stemming from the dominance of a few banks like JPMorgan, HSBC, and UBS, which have maintained streamlined trading teams [5] - The complexity of precious metals trading requires multifaceted talent who can understand global economic conditions and geopolitical factors affecting gold prices, as well as practical knowledge of metal storage and transportation [5] - A generational gap exists as many senior traders have retired without sufficient new talent being trained to fill the void, leading to a tight supply of physical precious metals traders [7] Group 3: Industry Response - Major commodity trading firms like Trafigura and Glencore are forming dedicated precious metals trading teams, indicating a strategic shift to prioritize precious metals as a core business area [9][11] - Institutions such as IXM and Mercuria are actively seeking talent, with Trafigura already hiring three precious metals traders earlier this year [11] - The competition for talent has intensified, with firms like Gunvor expanding into the metals sector and aiming to build a complete value chain from mining to refining [13] Group 4: Future Considerations - The current high salaries may not be sufficient to address the talent gap; firms need to proactively cultivate new talent through partnerships with educational institutions and internal training programs [17] - The precious metals trading sector may present new career opportunities for job seekers, especially as the tech industry becomes increasingly competitive [17] - The long-term prosperity of the precious metals market relies on a stable and professional talent pool, and the current high-salary recruitment trend may serve as a catalyst for restructuring the talent ecosystem in the industry [19]

Core Insights - There is a significant increase in demand for specialist gold traders as interest in gold surges, leading to heightened competition for talent and rising pay packages in the sector [1][4] Industry Trends - Major commodity traders such as Trafigura Group and Gunvor Group have expanded their teams of precious-metals traders this year, with other firms like IXM and Mercuria Energy Group also seeking to hire in this area [2] - The precious metals market, particularly gold, has historically been dominated by a few banks like JPMorgan Chase, HSBC, and UBS, but the recent price increases have attracted new market participants [3] Market Opportunities - The precious metals markets have presented various profit opportunities this year, including a significant arbitrage trade that brought tens of billions of dollars' worth of metal into the US and a notable silver squeeze in the London market [5] - The leading banks collectively earned $500 million from precious metals in Q1 2025, which is approximately double the average quarterly earnings over the past decade [6]

Leadership Change - Kenny Ives 将卸任 IXM 首席执行官一职，此前他已在该职位工作三年 [1] Company Overview - IXM 是全球第三大金属贸易公司 [1] - IXM 为中国洛钼集团 (CMOC Group) 旗下公司 [1]

Core Insights - Global metal traders are experiencing a record year of profits due to supply disruptions pushing metal prices near historical highs [1] - Major players like Glencore and Trafigura are expected to achieve their best trading performance, while IXM's CEO indicates the company will set a record for the third consecutive year [1][5] - The industry is witnessing a significant shift as energy traders enter the metal market, betting on increasing government focus on this strategic sector [1] Group 1: Profit Growth Drivers - Profit growth for large traders is primarily driven by a series of supply tightness and disruptions [3] - The exemption of import tariffs on refined copper by the U.S. created substantial arbitrage opportunities, allowing traders to profit from transporting spot metals to the U.S. [3] - Prices for copper, lead, and zinc have surged due to smelting capacity expansion and limited new supply, benefiting traders with long-term contracts [4] Group 2: Market Dynamics - The surge in gold and silver prices has also provided lucrative profit opportunities for traders, leading many firms to establish dedicated precious metals teams [5] - Glencore's metal trading business achieved a record adjusted EBITDA of $1.57 billion in the first half of 2025, with similar growth expected in the second half [5] - The industry boom has triggered a talent war in metal trading, with companies like Mercuria rapidly expanding their teams [8] Group 3: Competitive Landscape - New entrants like Vitol and Gunvor are adopting more cautious expansion strategies, resulting in modest profits from metal trading [2][8] - Gunvor's CEO noted that building a metal trading portfolio from scratch takes time and that the market is highly competitive [8] - Smaller trading firms are receiving acquisition offers, indicating a strong interest in the booming market, although some are not in a hurry to sell [8]

Core Insights - The global metal trading industry is experiencing its most profitable year ever, driven by supply disruptions and record-high prices [1][2] - Major players like Glencore Plc and Trafigura Group are on track for their best performance in metal trading, while IXM has already surpassed last year's profits [2] - The surge in metal trading profits contrasts with declining margins in other commodities such as gas, oil, and grains [3] Company Performance - Glencore Plc and Trafigura Group are leading the market, both expected to achieve record profits in metal trading [2] - IXM, the third-largest metals trader, is set to report its third consecutive year of record profits [2] - Mercuria Energy Group Ltd. has made approximately $300 million in trading profits this year, benefiting from increased demand in the metals sector [2] Market Dynamics - The current boom in metal trading profits follows a period of weak demand and volatile prices that previously affected profitability [3] - Supply squeezes and upheavals have significantly contributed to the profits of larger players in the metal trading market [4] - The introduction of potential import tariffs on refined copper by the US government created a significant arbitrage opportunity, leading to unprecedented price premiums for US copper [5]

Core Viewpoint - Copper traders are competing for storage space, betting that Trump's unexpected decision to exempt refined copper from tariffs will lead to a significant influx of copper into the London Metal Exchange (LME) warehouses [2] Group 1: Market Dynamics - The recent announcement by Trump to impose a 50% import tariff only on processed copper while exempting refined copper has dramatically altered the copper market, ending what industry veterans described as "the most profitable arbitrage trade of their careers" [2][3] - Traders have accumulated over $5 billion worth of copper inventory in U.S. ports, particularly in New Orleans, which has become the largest copper inventory location globally [2] - Following the tariff announcement, U.S. copper prices plummeted over 20% within minutes, while LME prices also saw a decline of 0.9% [3] Group 2: Storage and Logistics - All available LME warehouse capacity in New Orleans was fully booked by traders as of Thursday afternoon, with some storage companies unable to accept more copper for at least three months [3] - Traders are now considering selling copper originally intended for the U.S. market to European and Asian buyers due to the collapse of U.S. copper premiums [3] - The sudden influx of copper into LME will reverse the previous supply tightness experienced just a month ago, prompting a reevaluation of copper price prospects [3] Group 3: Trading Strategies - The decision to impose tariffs has led to a significant shift in trading strategies, with traders weighing the profitability of delivering copper to specific warehouses versus end-users [4] - Many traders are facing logistical challenges, having shipped copper to locations like California and Hawaii, where there are few buyers and no exchange warehouses [5] - The cost of transferring copper between U.S. warehouses is substantial, with estimates around $50 per ton, making re-exporting less attractive [5] Group 4: Investor Sentiment - Despite the turmoil, most traders maintain a positive long-term outlook for copper, although the recent price drop has caused distress among financial investors who had bet on rising copper prices [6] - The chaos in the copper market may lead to forced liquidations due to significant mark-to-market losses, potentially resulting in one of the largest capital outflows on record [6] Group 5: Future Outlook - Traders are shifting their focus away from Trump and are now looking towards major copper-consuming countries like China, indicating a return to a more normalized market state [7] - The binary risk associated with tariffs has diminished, allowing traders to re-engage in the market [8]

智通财经APP获悉，铜交易员正在争相预订存储空间，押注美国总统特朗普意外决定不对主要交易形式 的精炼铜征收关税将引发一波铜金属涌入伦敦金属交易所(LME)仓库。在过去27小时内对LME仓储空 间的抢占凸显出特朗普政府的这一声明对整个铜交易生态的剧烈冲击，也宣告了一项被铜业资深人士称 为"职业生涯中最赚钱"的套利交易的戏剧性终结。 当地时间7月31日，特朗普签署命令，宣布对多类铜进口产品加征关税，自8月1日(周五)起生效。根据 白宫发布的事实清单，自8月1日起，美方对所有半成品铜材(铜管、铜线、铜棒、铜板、铜管等)及铜密 集型衍生产品(管件、电缆、连接器、电气元件等)统一征收50%关税。不过，铜原料(例如铜矿石、精 矿、锍铜、阴极铜和阳极铜)及铜废料不在此次232关税范围内，也不受到所谓"对等关税"约束。 特朗普对精炼铜的重大关税豁免令交易员感到震惊，并导致纽约商品交易所(COMEX)铜价在周四暴 跌，创下史上最大单日跌幅。 这也是特朗普关税政策再次扰乱全球价值2500亿美元的铜市场的最新案例。数月来，交易员争相将铜运 往美国，以利用美国铜市场远高于其他地区的价格。他们迅速在美国各大港口、特别是新奥尔良，建立 ...

Group 1 - Major commodity traders Trafigura, Mercuria, Glencore, and IXM are expected to earn over $312 million in profits due to record copper shipments to the U.S. before the implementation of tariffs [1][4] - The U.S. copper price surged by 13% following the announcement of a 50% tariff on copper by the Trump administration, creating a significant arbitrage opportunity for traders [1][4] - Since the election in November, these traders have imported approximately 600,000 tons of "surplus" copper into the U.S., exceeding normal demand [4][7] Group 2 - The average price difference between LME and Comex since February indicates a profit of about $520 per ton after accounting for costs, leading to substantial profits for the traders involved [4] - Trafigura has imported around 200,000 tons of copper, while Mercuria is expected to bring in nearly 200,000 tons by the end of the month [4] - The influx of copper into the U.S. has significantly drained supply from global markets, marking a unique period in the copper market [4][7]