Physical Commodities Trading Houses

Independent physical commodity trading companies — trading houses — buy and sell metals and concentrates as principals, providing miners with liquidity, offtake financing and logistics services. Unlike banks that primarily facilitate hedging, trading houses take physical delivery, manage logistics, and operate smelters or warehouses. This directory covers the principal independent trading houses active in metals, concentrates and battery materials.

Primary sources only 10 providers Updated 2026-06-19

Neutrality. TrueSource Metals Hub does not rank or compare trading houses by volume, creditworthiness or trading performance. Entries reproduce facts from each company's own corporate website. See the full Ecosystem neutrality statement.

Independent physical metals trading houses

Alphabetical. Each entry links to the company's own corporate website.

Concord Resources

Role: Independent physical metals trader — London
Role: Independent physical trader in base metals concentrates and refined metals; offtake, logistics, financing.
Jurisdiction: Registered in England; trading operations in London and Singapore.

Primary source: concordresources.com

Gunvor Group

Role: Commodity trader — Geneva
Role: Physical commodity trading; metals operations focus on aluminium and copper in addition to the core energy book.
Jurisdiction: Registered in Cyprus; principal trading offices in Geneva and Singapore.

Primary source: gunvorgroup.com

IXM (CMOC subsidiary)

Role: Base metals trader (CMOC subsidiary) — Baar, Switzerland
Role: Physical trading in base metals and concentrates; principal route to market for CMOC's copper and cobalt production; independent book in zinc, lead, aluminium.
Jurisdiction: Registered in Luxembourg (Baar trading office, Switzerland).

Primary source: ixm.com

Marex

Role: Commodities broker / market maker — London
Role: Commodities broker and market maker; LME Ring Dealing and Category 2 membership; metals coverage across LME base metals and COMEX gold/silver.
Jurisdiction: UK FCA authorised; offices in London, New York, Singapore, Hong Kong.

Primary source: marex.com

Mercuria Energy Group

Role: Independent commodity trader — Geneva
Role: Physical and financial trading in base metals, concentrates and scrap; integrated logistics and warehousing.
Jurisdiction: Registered in Cyprus; principal offices in Geneva, Singapore, New York.

Primary source: mercuria.com

Ocean Partners

Role: Physical metals trader — London
Role: Physical trading and offtake financing in base metals concentrates and battery materials; niche focus on minor and battery metals.
Jurisdiction: Registered in England; offices in London, Vancouver and Zug.

Primary source: oceanpartners.com

Open Mineral

Role: Digital concentrate trading platform — Zug, Switzerland
Role: Electronic trading platform for base metal concentrates; also acts as principal trader.
Jurisdiction: Registered in Switzerland (Zug); online platform accessible globally.

Primary source: openmineral.com

StoneX (formerly INTL FCStone Metals)

Role: Financial services / metals trading — New York
Role: Physical and financial precious metals trading; LBMA market participant; metals financing and hedging services for miners, refiners and fabricators.
Jurisdiction: NYSE-listed; regulated by CFTC, NFA, FCA; offices in New York, London, Mumbai, Singapore.

Primary source: stonex.com

Trafigura

Role: Independent commodity trader — Singapore / Geneva
Role: Physical trading of base metals, concentrates and iron ore; principal in financing and logistics; LBMA and LME member; Nyrstar smelter ownership.
Jurisdiction: Registered in Singapore; principal offices in Geneva, Singapore, Houston, Stamford.

Primary source: trafigura.com

Traxys

Role: Specialty metals trader — Luxembourg
Role: Physical trading and offtake in minor metals, ferro-alloys and battery materials; niche coverage across specialty and critical minerals.
Jurisdiction: Registered in Luxembourg; offices in New York, London, Singapore, Zug.

Primary source: traxys.com

Physical Commodities Trading Houses

Independent physical metals trading houses

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Primary sources