Commodity trading firms rake in record profits in 2022 amidst market chaos sparked by Russia's invasion of Ukraine
A Yemeni baby, suffering from malnutrition, receives treatment with limited resources in the Department of Combating Malnutrition at Sabeen Hospital in Sanaa, Yemen, on March 1, 2023.As much of the world reeled from high energy and food prices that left millions struggling to heat their homes and feed their families, commodity trading firms that benefit from extreme market volatility brought in record-breaking profits in 2022, capitalizing on chaos spurred by Russia’s invasion of Ukraine.
That total is up 60% compared to 2021, with the independent trading houses Trafigura, Vitol, and Glencore among the biggest beneficiaries, the“Financial players such as hedge funds also enjoyed big gains, earning an estimated $12 billion from trading activities in 2022 compared with less than $3 billion the year before,” the newspaper added.that 2022 “was a bit of a perfect storm across all the commodities, from a trading opportunity perspective.
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