No. of Recommendations: 7
From an FT article:
Four of Japan’s biggest commodity traders reported record profits yesterday on the back of energy market turmoil triggered by the Iran war and surging copper prices, as their chief executives remained on edge about the Middle East.
Mitsui, Marubeni and Itochu all said they achieved record first-half profits, while Mitsubishi Corporation said it was on track to achieve a record high for annual profitability.
The bumper profits at Japan’s biggest trading houses highlight the windfall for traders from oil prices that have consistently exceeded $100 a barrel in the past two months. Mitsubishi Corporation launched a ¥1tn share buyback after raising its full-year net income forecast by 9 per cent to ¥1.2tn.
The trading houses were also boosted by copper prices, which have surged on expectation that the Trump administration could place tariffs on the metal used extensively in electrical infrastructure and appliances.
