Metal Traders Leave Trafigura as Falling Prices Hurt Profits [Business News Network (BNN) (Canada)]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Business News Network
Traders who have left Trafigura in recent weeks or are leaving the company include Cameron Law, a lead and zinc trader in Stamford, Connecticut, according to people familiar with the matter. Jay Li, a senior member of the team's Shanghai desk and another trader, Wilson Yung, are also departing, said the people, who asked not to be named as the information isn't public. They didn't say why the traders were leaving. Trafigura declined to comment. The departures come against a backdrop of falling commodity prices that has been less profitable for Trafigura than the booming markets earlier in the year, according to some of the people. Trafigura has been a consistently bullish voice on commodities over the past two years, correctly calling the post-pandemic rally in prices. In the company's first-half report earlier this month, when it reported record profits, Chief Executive Officer Jeremy Weir predicted that a “tight market for commodities and heightened prices” would continue for
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