Commodity traders snap up assets and tighten grip on global supply chains

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Financial Times 1d ago

Commodity traders snap up assets and tighten grip on global supply chains - Financial Times

Quick Summary:

Jeff Webster, chief financial officer of Swiss trading house Gunvor, acknowledges that the recent period of high profits has attracted more competition and new entrants into the market.

This week, Vitol-backed Varo Energy made a $2bn acquisition of Preem, a Scandinavian energy company with an extensive biofuel business, in the latest example of a trading house betting on the fuel. Vitol owns one-third of Varo, with the Carlyle Group owning the rest.

Mercuria, Gunvor and Vitol have started to build out big metals trading teams to tap into growing demand for copper and aluminium that are vital for the clean energy switch, competing with incumbent Trafigura, the biggest private metals trader.