Fubotv earnings beat by $0.10, revenue topped estimates
Investing.com -- Vitol Group and Gunvor Group, two of the world’s largest energy traders, have recently made significant moves in the global metals markets, specifically in aluminum contracts. These positions were so large that they raised questions from the London Metal Exchange (LME).
Over the past few months, both Vitol and Gunvor have taken long positions in the LME’s aluminum contracts nearing expiry. These positions were at times larger than the readily available stock in the LME’s warehousing network, according to Bloomberg, citing insiders who wish to remain anonymous due to not being authorized to speak publicly.
This move into metals markets by these energy trading giants has been a topic of discussion within the industry over the past year. Both firms have been on a hiring spree, increasing salaries and bonuses. This is the first instance of these companies playing a significant role in the metals markets, presenting a challenge to the established dominance of Glencore Plc (OTC:GLNCY) and Trafigura Group in this sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.