Metal traders leave Trafigura as falling prices hurt profits
The departures come against a backdrop of falling commodity prices that has been less profitable for Trafigura than the booming markets earlier in the year.
Without western investors buying, all eyes are back on China, and a copper market that several industry insiders say is still the weakest they’ve ever seen it.
The US Geological Survey reports supply from copper mines in 2023 amounted to only 22 million tonnes. If the copper supply doesn’t grow this year, we are looking at a 6Mt deficit.