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]