The finance heads of the world’s largest commodity trading houses said 2022 was a record year for profits, setting a high-water mark for the industry that is unlikely to be repeated in 2023.
Trafigura, Vitol, Gunvor, Mercuria and CCI told the FT Commodities Global Summit profitability would probably be lower this year as commodity markets have returned closer to normal levels of volatility.
The biggest commodity traders reaped bumper profits in 2022 driven by extreme volatility in energy markets, including a tenfold increase in European gas prices after Russia cut supplies to Europe following the Ukraine invasion.
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