Base Metals
Copper, aluminium, zinc, nickel, lead, and tin trade on the LME. Copper is the 'commodity with a PhD in economics' — a bellwether for global growth. Aluminium is energy-intensive to produce, making it a proxy for electricity costs. Nickel is critical for EV batteries.
Key Concepts
Resources
- LME Market Data
The London Metal Exchange's official price data for copper, aluminium, zinc, nickel, lead, and tin. Daily closing prices free; full order book data is paid.
DataFreeLME
- Fastmarkets Base Metals
Price assessments and market news for base metals including copper, aluminium, and specialty metals. Covers scrap markets and TC/RC spreads.
DataFastmarkets
Learning Path
LME Curve Structure and Inventory Signals
Base metals price discovery depends on cash-forward spreads, inventory location, and warehouse warrant behavior.
2 case studies →
Smelter Economics, TC/RC, and Feed Concentrates
Treatment and refining charges link mine supply to refined metal availability, making TC/RC a critical fundamental signal for copper and other base metals.
2 case studies →
Cross-Exchange Basis and Regional Premium Mechanics
LME/SHFE and regional premium spreads transmit financing, logistics, and local demand conditions across base metal markets.
2 case studies →
Key Players
Glencore
Baar, Switzerland
The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.
Revenue model
Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.
Largest coal trader globally; controls ~10% of seaborne thermal coal trade
WebsiteMarket Snapshot
STALELSE:GLEN (GBP)
Price
N/A
Daily Change
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Market Cap
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P/E
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As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run
Financial Snapshot
Public filing derivedFY
2024
Revenue
$217bn
EBITDA
$17.0bn
Net Income
$4.3bn
Confidence: medium · Source: Glencore annual reporting (rounded)
Rounded values for educational orientation.
Trafigura
Geneva, Switzerland
The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.
Revenue model
Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.
One of the largest oil traders; pioneered prepay finance deals with African state oil companies
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
200-300bn
EBITDA
8-15bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Mercuria
Geneva, Switzerland
Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.
Revenue model
Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.
Acquired JPMorgan's physical commodities business in 2014; active in carbon markets
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
120-190bn
EBITDA
3-9bn
Net Income
0.8-3.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.