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A small group of companies moves most of the world's internationally traded oil, grain, oilseeds and metals. Some are independent merchants based in Geneva, Singapore and London. Others are the trading arms of oil majors and national oil companies, or agribusinesses that grew from grain elevators into global supply chains. Together they decide which cargoes move, where, and on what terms.
This guide profiles 20 of the most influential commodity trading companies across energy, agriculture and metals, using the latest figures each company or a credible market source has published. It is a cross sector map, not a single ranking, because every firm reports on a different basis. For deeper profiles, each sector links to our dedicated lists.
In this article
Commodity traders earn margin by transforming a commodity in space, time and form, then hedging the price risk on exchanges such as ICE, CME and the LME. The business looks different in oil, grain and copper, but the same four functions sit underneath it.
Buying from producers through spot purchases, term offtake and prepayment, often the main source of growth capital for mid sized miners, farmers and refiners. See how limited recourse prepayment facilities are secured.
Chartering vessels, operating ports, silos, tanks and warehouses, and routing cargoes to where they earn the most after freight and financing costs.
Crushing soybeans, refining oil, blending fuels and concentrates to meet buyer specifications. Many of the largest traders own the plants that do it.
Funding inventory and receivables through bank lines and structured commodity finance, and extending credit to counterparties through letters of credit and open account terms.
These five firms are the core of the Swiss and Singapore merchant model. For full profiles, volumes and financing angles, see our top 10 physical oil trading companies.
Vitol is the world's largest independent energy trader. Its 2025 review reported turnover of USD 343 billion and average crude oil and product deliveries of 8 million barrels per day. It also trades LNG, coal and, increasingly, metals following its acquisition of Noble Resources.
Trafigura trades oil, gas, power, metals and minerals. Its 2025 annual results show oil and petroleum product volumes, including gas and LNG, averaging 7.6 million barrels per day and net profit of USD 2.67 billion for the year to September 2025.
Glencore is the only firm here that combines a top tier marketing business with a listed mining group. S&P Global reported its oil and gas trading reached 4.2 million barrels of oil equivalent per day in 2025, alongside a major copper, cobalt, zinc and nickel marketing book.
Mercuria is a Geneva based energy trader that has moved fastest of its peers into metals. Fastmarkets reported in October 2025 that it trades copper alongside state miners in the DRC and Zambia, including a joint venture that had sold more than 200,000 tonnes of copper concentrate.
Gunvor trades crude, products, LNG, power and metals, and became fully employee owned through a management buyout in 2025. Its 2025 results show revenue of USD 144 billion on traded volumes of 253 million tonnes.
Trading arms of producers and refiners compete directly with the merchants. Their edge is owned supply and refining outlets. For product specific supplier lists, see our guides to EN590 diesel suppliers and refiners and jet fuel suppliers.
Aramco Trading markets Saudi Aramco's crude, products, LPG and petrochemicals and buys third party barrels for its refining network. Its chief executive told an industry audience in 2023 that it trades around 6 million barrels per day across all liquids.
Unipec, the trading arm of China's Sinopec, procures crude for Asia's largest refiner. Shipbroker Poten & Partners found it handled 15 percent of reported dirty spot tanker cargoes in 2024, more than three times any other charterer.
Shell Trading and Supply trades crude, products, gas, LNG, power and environmental products from hubs in London, Houston, Dubai, Rotterdam and Singapore, optimising Shell's own system and acting as a merchant on third party flows.
BP Supply, Trading and Shipping employs more than 2,000 people serving 12,000 customers in over 140 countries, and moves around 240 million tonnes of oil, gas and products a year on roughly 300 owned and chartered ships.
TotalEnergies Trading and Shipping markets the group's crude and products and supplies its refineries worldwide from four hubs in Geneva, Houston, Singapore and Dubai.
Agricultural trading is dominated by the so called ABCD houses (ADM, Bunge, Cargill and Louis Dreyfus) plus large Chinese and Asian groups. For a deeper look, see our top 10 agro commodities trading companies and our guide to sugar suppliers in Brazil.
Cargill is the largest privately held agribusiness in the world, trading and processing grains, oilseeds, meat and other food ingredients. World Grain reported in August 2026 that Cargill's revenue reached USD 164 billion in fiscal 2026, up from USD 154 billion the year before.
ADM originates, processes and ships grains and oilseeds, and runs a large ingredients business. Its full year 2025 results show revenue of USD 80.3 billion and adjusted net earnings of USD 1.7 billion.
Bunge is a leading oilseed processor and grain trader that completed its combination with Viterra in 2025. Its 2025 results show net sales of USD 70.3 billion, up from USD 53.1 billion in 2024, reflecting the enlarged group.
Louis Dreyfus Company trades and processes grains, oilseeds, coffee, cotton, sugar, rice and juice. It reported 2025 net sales of USD 53.2 billion, with volumes up 10.6 percent and net income of USD 653 million.
COFCO International is the overseas trading platform of China's state food group and a major buyer of Brazilian and US soybeans and grains. Reuters reported in June 2026 that its 2025 revenue fell to USD 34.5 billion, on third party sales of 100.4 million tonnes.
Wilmar International is Asia's leading agribusiness group, with large positions in palm oil, oilseed crushing, sugar and grains. Its FY2025 results briefing reported net profit of USD 1.41 billion, up 21 percent.
Olam Group owns ofi, a cocoa, coffee, nuts and spices supplier, and is selling its grains business Olam Agri to Saudi Arabia's SALIC. Its 2025 results show group revenue of SGD 67.0 billion including Olam Agri.
Glencore, Trafigura and Mercuria above are also major metals traders. The specialists below complete the picture. For full profiles, see our top 10 metals trading companies.
IXM, owned by Chinese miner CMOC, trades copper, cobalt, zinc, lead and nickel concentrates and refined metal across more than 80 countries. CMOC's 2026 interim report shows IXM sold about 2.46 million tonnes of physical metal in the first half of 2026.
China Minmetals is a state owned metals and mining group that ranked 86th on the 2025 Fortune Global 500, with revenue of about USD 115.8 billion, according to Mysteel.
Gerald Group, founded in 1962, is one of the oldest independent metals traders, active in non ferrous, ferrous and precious metals and critical minerals. In January 2026 it refinanced its revolving credit facility at USD 365 million with 24 banks.
Figures are the latest each company or a credible source has published. They mix revenue, volumes and profit, so they are not directly comparable.
| Company | Sector | Latest disclosed metric |
|---|---|---|
| Vitol | Energy merchant | USD 343bn turnover, 2025 |
| Trafigura | Energy and metals merchant | 7.6 mb/d oil, gas and LNG, FY2025 |
| Glencore | Miner and merchant | 4.2 mboe/d oil and gas, 2025 |
| Mercuria | Energy and metals merchant | Not publicly disclosed |
| Gunvor | Energy merchant | USD 144bn revenue, 2025 |
| Aramco Trading | NOC trading arm | About 6 mb/d all liquids, 2023 |
| Unipec | NOC trading arm | 15% of reported dirty spot cargoes, 2024 |
| Shell Trading and Supply | Oil major | Not separately disclosed |
| BP ST&S | Oil major | About 240 Mt shipped per year |
| TotalEnergies T&S | Oil major | Not separately disclosed |
| Cargill | Agribusiness | USD 164bn revenue, FY2026 |
| ADM | Agribusiness | USD 80.3bn revenue, 2025 |
| Bunge | Agribusiness | USD 70.3bn net sales, 2025 |
| Louis Dreyfus Company | Agribusiness | USD 53.2bn net sales, 2025 |
| COFCO International | Agribusiness | USD 34.5bn revenue, 2025 |
| Wilmar International | Agribusiness | USD 1.41bn net profit, FY2025 |
| Olam Group | Agribusiness | SGD 67.0bn revenue incl. Olam Agri, 2025 |
| IXM | Metals trader | 2.46 Mt sold, H1 2026 |
| China Minmetals | State metals group | USD 115.8bn revenue, 2025 Fortune Global 500 |
| Gerald Group | Metals trader | USD 365m revolving facility, 2026 |
None of these companies sells through broker chains. Their names are routinely used in unsolicited offers for discounted diesel, sugar, urea or copper cathode that ask the buyer to issue an ICPO, open an instrument or pay a fee before any verified cargo exists. Large traders deal through their own desks and published contact channels. Our guide to fuel trading scams explains how to spot these offers before money moves.
Know your counterparty. Confirm ultimate ownership, sanctions exposure and the exact contracting entity. Several firms on this list changed ownership or restructured in 2025 and 2026, including Gunvor, Bunge and Olam.
Expect rigorous onboarding. Large traders run full KYC, sanctions and credit checks on suppliers and buyers. A producer that arrives with audited accounts, a clear production record and clean title documents gets better terms faster.
Use the trader's balance sheet carefully. Prepayment and offtake finance from a trader can fund growth, but it ties volumes and pricing to one buyer. Compare it against bank and private credit alternatives, such as borrowing base facilities and inventory finance.
Build your own platform first. If you are setting up a trading business to deal with these firms, our guide on how to start a physical commodity trading business covers the capital, compliance and banking you will need, and our list of top trade finance companies shows who funds the sector.
Financely works with producers, traders and processors in energy, agriculture and metals that need working capital, letters of credit, prepayment and borrowing base facilities anchored in real physical flows. We prepare the lender ready file and place it with banks and private credit funds from our network of more than 12,700 verified lenders.
Already hold an offtake contract with one of the companies above? That contract is often the strongest asset in your file, and asset based lending or receivables structures can be built around it.
By turnover, Vitol is the largest independent commodity trader, reporting USD 343 billion in 2025. Cargill is the largest agricultural trader, with revenue of USD 164 billion in fiscal 2026.
ABCD refers to ADM, Bunge, Cargill and Louis Dreyfus Company, the four agribusinesses that have long dominated global grain and oilseed trading. COFCO International, Wilmar and Olam are now of comparable importance in many flows.
Geneva and Zug offer access to trade finance banks, a deep pool of trading talent, a stable legal system and historically favourable tax treatment. Vitol, Trafigura, Glencore, Mercuria and Gunvor all run major operations there, alongside large hubs in Singapore, London and Houston.
Yes, if it can pass their KYC, sanctions and credit checks and deliver or pay for verifiable volumes. Most deal with established counterparties through their own desks, not through broker chains or unsolicited offers.
Disclaimer: This article is for general information only and does not constitute legal, tax, investment or regulatory advice. References to specific companies are based on publicly available sources and do not imply endorsement, recommendation or any commercial relationship. The order of companies is illustrative and not based on a single uniform metric. Financely is an advisory and arranging firm. It is not a bank, lender, commodity trader, broker-dealer or investment adviser. Any financing is subject to lender underwriting, due diligence, credit approval, documentation and conditions precedent, and no outcome or timeline is guaranteed.
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