Physical metals trading sits at the center of industrial supply chains. Copper, zinc, nickel, aluminum and steel feed into power grids, vehicles, data centers and construction projects. Behind those flows is a relatively small group of trading houses and producer marketing arms that originate, move and hedge millions of tonnes of metal every year.
This article highlights ten prominent metals trading firms that matter for miners, smelters, refiners and large industrial buyers. It is not an exhaustive list, and it is not investment advice. The purpose is simple: to give corporate readers a clearer picture of who the key players are and what they focus on, before they negotiate offtake contracts, supply agreements or prepayment facilities.
Metals traders sit between producers and end users. On the supply side, they sign offtake agreements with mines, smelters and recyclers. On the demand side, they deliver concentrates and refined metal to smelters, fabricators, manufacturers and utilities. In between, they manage shipping, storage, hedging, quality and working capital.
The largest houses can prepay producers, arrange project-linked finance, and warehouse price risk on their own books or through hedging programs on exchanges. Others focus on niche flows, such as non ferrous concentrates or specific regional arbitrage. For many industrials, these firms are both suppliers and financing partners.
Glencore is one of the largest global commodity groups and a dominant player in metals trading and marketing. It combines upstream mining with a very active trading book across copper, zinc, nickel, cobalt, ferroalloys and other metals.
Trafigura is a leading independent trader with a substantial metals and minerals division. It trades copper, zinc, lead, alumina, aluminum and bulk commodities, with strong logistics infrastructure in ports and warehouses worldwide.
IXM , owned by CMOC Group, is a metals specialist focused on concentrates and refined non ferrous metals. It has a network across more than 80 countries and is often ranked among the top three global metals traders by volume and profitability.
China Minmetals is a large state owned metals and mining group and one of the biggest metal and mineral trading enterprises globally, with revenue in the hundreds of billions of dollars and operations across more than thirty countries.
Mercuria built its reputation in energy trading, then expanded aggressively into metals. Recent years saw significant investments in copper supply deals, joint ventures with state miners and new metals trading units in Africa and other regions.
The metals business of Cargill focuses on iron ore and steel. Public materials describe annual sales of tens of millions of tonnes of iron ore and several million tonnes of steel, supported by shipping and risk management capabilities.
Gerald Group is one of the oldest independent metals trading houses, with roots going back to the 1960s. It focuses on non ferrous metals and ores, particularly copper, aluminum and related raw materials.
Concord Resources is a younger but fast growing merchant focused on non ferrous metals and associated raw materials. It trades and finances aluminum, alumina, copper, zinc, nickel and other base metals.
Vitol is best known as one of the largest independent energy traders in the world. It has been building out a metals trading unit focused on copper and related materials, leveraging its shipping, storage and risk management infrastructure.
Gunvor is another large independent trading house with strong energy roots that has expanded into metals. It is ramping up copper and other base metal activities as demand grows from the energy transition and infrastructure investment.
Size and name recognition are only part of the picture. For producers and industrial buyers, the practical questions are more specific. You need to understand how a trader behaves across the cycle, how it manages credit and performance risk, and how it responds when markets are stressed.
These questions matter as much as price formulas. The wrong counterparty can create credit and reputational risk that outweighs any short term margin gain.
Financely is not a metals trader. Our role sits on the capital side of the value chain. We work with producers, processors and trading firms that need structured trade finance, working capital or pre export facilities backed by credible collateral and bankable contracts.
That includes:
The goal is straightforward. If you already trade with credible counterparties, your capital structure should reflect that strength. Lenders and private credit funds will usually respond if the transaction file, risk allocation and documentation are coherent.
If you operate in metals mining, processing or trading and need structured trade finance or working capital facilities, Financely can help you prepare lender ready files and approach suitable capital providers.
Share your current facilities, counterparties, and target structure. We will review the file and outline realistic options for trade finance and forward flow arrangements tied to genuine physical flows.
Request A Trade Finance ReviewDisclaimer: This article is for general information only. The companies listed are examples based on public information and do not constitute recommendations, endorsements or investment advice. Rankings are illustrative and not based on a single uniform metric. Financely is not a metals trader, broker dealer, bank or asset manager. Any financing, hedging or trading facility referenced on this page is provided by regulated counterparties under their own licences and documentation, subject to eligibility, KYC, AML, sanctions screening, credit approval and independent legal and tax advice on the client side.
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