Trafigura Posts Record Metals-Trading Profit of About $2 Billion

Trafigura generated about $2 billion in metals-trading profit for its fiscal year ended in September, a record, as global metals-trading profits rose for a second consecutive year. Glencore recorded one of its strongest profit performances on record, while a $480 million provision tied to its exposure to iron ore trader Radiant World weighed on its overall results.

LME Week, the metals industry’s most important annual gathering, ended Friday as several metals traders reached career-high earnings. Rivals and new entrants seeking a share of the boom were offering jobs to metals traders.

Vitol’s expanding metals-trading business is expected to post more than $100 million in profit this year. That would top last year’s result but remain below leading rivals such as Mercuria.