Jack Farchy

A massive arbitrage trade that has drawn tens of billions of dollars’ worth of gold and silver to the US came to an abrupt halt with Wednesday’s announcement that precious metals would be exempt from Donald Trump’s sweeping tariffs.

A massive arbitrage trade that has drawn tens of billions of dollars' worth of gold and silver to the U.S. came to an abrupt halt with Wednesday's announcement that precious metals would be exempt from Donald Trump's sweeping tariffs.

Imports of gold helped drive the US trade deficit to a record in January, prompting economists to exclude the precious metal from their calculation.

Glencore Plc’s former chief executive officer and largest shareholder Ivan Glasenberg added to his stake for the first time in a decade after a share-price rout triggered by Donald Trump’s sweeping tariffs.

Commodity giant Vitol Group generated earnings of over $8 billion in 2024, according to people familiar with the matter, cementing its position as by far the most profitable energy trading house.

Gold’s latest surge to fresh records has been fueled by a rush of buying activity in daily auctions — a sign that major players in the market are still adding to their holdings even at all-time high prices.

The main investor in Italy’s biggest oil refinery is sounding out trading firms to replace Trafigura Group as the plant’s supply partner.

Major players in the US copper industry have called on President Donald Trump to restrict exports of ore and scrap metal rather than imposing tariffs on imports, in his efforts to boost domestic production.

Los principales actores de la industria del cobre estadounidense pidieron al presidente Donald Trump que restrinja las exportaciones de mineral y chatarra en lugar de imponer aranceles a las importaciones, en su esfuerzo por impulsar la producción nacional.

Jack Farchy, Julian Luk and Yvonne Yue Li 5 min read In This Article (Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here.