Perspective - what you see isn't the same for everyone.

If you got that reference I hope your back feels ok this morning.

Athletes are paid too much, or are they?

Labor day began in the 1800s to honor workers who fought for fair wages and safer conditions during the Industrial Revolution.

Averaging on the London Metal Exchange is one of the most widely used methods of hedging. But the mechanics behind the trade are often misunderstood.

How do brokers establish the prices for average trades? How do inter-day contangos and backwardations impact your P&L?

With a new month just around the corner, now is a great time to brush up your knowledge and enhance your understanding.

Or in this case, about 800 extra miles, that's the distance between New York and Atlanta.

Three little words…

𝗙𝗿𝗼𝗺 𝗣𝗥 𝘁𝗼 𝗽𝗿𝗼𝗳𝗶𝘁: 𝗧𝗵𝗲 𝗿𝗲𝗮𝗹 𝗶𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗘𝗦𝗚 𝗼𝗻 𝗰𝗼𝗺𝗺𝗼𝗱𝗶𝘁𝘆 𝗺𝗮𝗿𝗸𝗲𝘁𝘀

Ten years ago ESG was seen by many as marketing spin. In 2025 it can make or break a commodity trader's business. From financing and insurance, to talent retention and consumer pressure, ignoring ESG causes more than reputational damage, it can mean losing access to markets altogether.

This article explores how ESG has shifted from a box-ticking exercise to a fundamental driver on profit, risk management, and long-term survival in commodity markets.

Air-con is not just about comfort, it’s about productivity.

𝗕𝗹𝗮𝗰𝗸 𝗦𝘄𝗮𝗻𝘀: 𝗪𝗵𝗲𝗻 𝗡𝗶𝗰𝗸𝗲𝗹 𝗵𝗶𝘁 $𝟭𝟬𝟮,𝟬𝟬𝟬/𝗺𝘁

In March 2022, the nickel market experienced one of the most extreme moves in modern trading history. Prices doubled in a day, the LME froze trading, and then cancelled trades.

This wasn't a regular price spike, it was a black swan event that rewrote the rules and forced changes in how brokers, producers, consumers, and traders manage risk.

This article breaks down:
▪️What caused the spike
▪️Why it spiraled
▪️The lasting changes to trading rules
▪️Lessons for anyone managing positions in volatile markets

The trading lessons we can learn from golf.

You are now able to pick and choose from our online modules to customize your learning exactly how you want.

Between February and August this year, traders in the copper market saw a massive, sustained arbitrage between CME and LME copper prices.

Driven by tariff speculation, geopolitics, and a global logistical scramble, the CME/LME arbitrage hit levels of over $3,000/mt. For some it was the trade of a lifetime. For others, it was a brutal reminder that pigs get slaughtered.

This article breaks down in detail:
▪️ What caused the arb to blow out
▪️ How the physical trade was executed
▪️ The difference between CME and LME copper contracts
▪️ How traders made millions
▪️ What happens next for the copper market

If you’re in physical metals, risk, or macro trading, this one’s worth a read.

Trading the CME/LME arb from a speculative standpoint.

We often focus on being risk averse or managing losses, but this should not be the only focus. Being too cautious can mean missing out on opportunities.

I’ve posted a lot about how graduates and other new entrants can break into trading. I thought it might be worth sharing my own route into the industry. Some parts won’t apply to everyone, but there may be something useful in it. I also wanted to get it down on paper so when the screenplay gets made about my life, I own the copyright. (Side note: I think Henry Cavill is the obvious choice to play me.)

Knowing whether your company can finance margins on hedges can be the difference between success and failure.

The ongoing saga of US copper tariffs

Sometimes it's important to go back to basics. No, we're not talking about the absolute smash that was Christina Aguilera's 5th studio album, we are talking about the fundamental principles behind hedging. With all the current headlines around arbitrage and backwardations, it's easy to skip over the important foundational concepts you need to master before considering more advanced concepts. Getting a solid grounding will make everything else easier to understand.

Sometimes you will find yourself needing to work with companies or people you wouldn’t choose to.