Players
The major commodity trading houses and key firms that move the world's raw materials.
Public market fields are daily snapshots and may be stale in periods of feed disruption. Latest snapshot: 2026-03-21T00:00:00.000Z.
Trading Houses
Glencore
Baar, Switzerland
The world's largest commodity trader by revenue and one of the largest mining companies. Glencore trades everything from coal and copper to oil and agricultural products. Founded by Marc Rich, now headquartered in Baar, Switzerland.
Revenue model
Margin on physical commodity trades + mining/production equity. Profit from information asymmetry, logistical edge, and balance sheet to hold inventory. Marketing (trading) and industrial (mining) segments.
Largest coal trader globally; controls ~10% of seaborne thermal coal trade
WebsiteMarket Snapshot
STALELSE:GLEN (GBP)
Price
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Daily Change
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Market Cap
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P/E
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As of 2026-03-21T00:00:00Z · Source: Pending first automated market snapshot run
Financial Snapshot
Public filing derivedFY
2024
Revenue
$217bn
EBITDA
$17.0bn
Net Income
$4.3bn
Confidence: medium · Source: Glencore annual reporting (rounded)
Rounded values for educational orientation.
Trafigura
Geneva, Switzerland
The second-largest private commodity trader. Trafigura focuses on oil and petroleum products, metals, and bulk commodities. Known for aggressive trading strategy and significant infrastructure investments in ports and storage.
Revenue model
Physical commodity trading margins + logistics infrastructure. Structured finance (prepay deals with producers) as a competitive weapon. Owns Impala terminals and other port assets.
One of the largest oil traders; pioneered prepay finance deals with African state oil companies
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
200-300bn
EBITDA
8-15bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Vitol
Rotterdam, Netherlands / Geneva, Switzerland
The world's largest oil trader by volume. Vitol trades more than 7 million barrels per day. Privately owned by employees, Vitol is also active in LNG, power, and renewables. Operates VTTI storage terminals globally.
Revenue model
Thin margins on enormous physical volumes. Storage arbitrage (buy in contango, store, sell forward). Logistics and infrastructure ownership amplifies edge.
Largest oil trader by volume — moves ~7 million barrels/day
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
300-450bn
EBITDA
10-18bn
Net Income
2-7bn
Confidence: low · Source: Company disclosures and market estimates
Private company ranges, not audited public filings.
Cargill
Minnetonka, Minnesota, USA
The largest privately held company in the US by revenue. Cargill dominates agricultural commodity trading — grain, oilseeds, meat, and sugar — alongside financial risk management and logistics. Its Black River hedge fund arm trades across commodities.
Revenue model
Margin on agricultural trading, processing (crush, milling), and logistics. Risk management services for agricultural producers. Also trades metals and financial instruments.
Largest privately held US company; dominant in global grain trading and processing
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
160-190bn
EBITDA
7-12bn
Net Income
2-6bn
Confidence: medium · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Louis Dreyfus
Amsterdam, Netherlands
One of the 'ABCD' grain majors (Archer Daniels Midland, Bunge, Cargill, Dreyfus). Louis Dreyfus is particularly strong in cotton, sugar, juice, and coffee alongside grains. Headquartered in Amsterdam, trading history dating to 1851.
Revenue model
Origination (buying from farmers), processing, and distribution. Margin captured across the agricultural supply chain from farm gate to consumer market.
Largest cotton trader and orange juice trader globally
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
45-65bn
EBITDA
1.5-4.0bn
Net Income
0.4-1.8bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Gunvor
Geneva, Switzerland
Originally an oil trading company with deep Russian ties, Gunvor has diversified into LNG, coal, and power. Now fully independent after divesting Russian assets. Known for trading speed and opportunistic positioning.
Revenue model
Physical commodity trading with a strong focus on risk-taking and arbitrage across energy markets.
Once the largest trader of Russian crude; successfully pivoted after 2022 sanctions
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
100-170bn
EBITDA
3-8bn
Net Income
0.8-3.0bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Mercuria
Geneva, Switzerland
Founded in 2004 by ex-Goldman Sachs traders. Mercuria started in oil and has aggressively expanded into metals, agriculture, and energy transition commodities. Owns JPMorgan's physical commodities business.
Revenue model
Physical trading margins + proprietary positioning. Strategic acquisitions to build supply chain assets.
Acquired JPMorgan's physical commodities business in 2014; active in carbon markets
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
120-190bn
EBITDA
3-9bn
Net Income
0.8-3.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.
Viterra
Rotterdam, Netherlands
A major agricultural commodity trader and processor, particularly dominant in canola/rapeseed and grain. Formed from the merger of Glencore's agricultural business with Viterra. Now being acquired by Bunge.
Revenue model
Origination, processing, and distribution of agricultural commodities across North America, Australia, and Europe.
Dominant canola trader in Canada; major grain handler in Australia
WebsiteFinancial Snapshot
Private estimateFY
2024
Revenue
40-70bn
EBITDA
1.5-4.0bn
Net Income
0.4-1.5bn
Confidence: low · Source: Company disclosures and market estimates
Private-company metrics normalized to USD ranges.