France’s TotalEnergies is considering entering the copper trading market. This move would expand its oil trading operations into metals and benefit from the global energy transition, the Financial Times reported on Sunday.
TotalEnergies did not immediately respond to Reuters request for comment.
The company would be following Vitol, the world’s top energy trader, which this year diversified into metals trading.
The energy transition includes electric vehicles and renewable energy technologies. It will require large volumes of metals like aluminum, copper, nickel, and cobalt. This creates lucrative opportunities for traders.
(By Shivani Tanna; Editing by William Mallard)