Commodity trading firms made a killing last year"gambling on the basics of life," said one human rights campaigner.As much of the world reeled from high energy and food prices that left millions struggling to heat their homes and feed their families, commodity trading firms that benefit from extreme market volatility brought in record-breaking profits in 2022, capitalizing on chaos spurred by Russia's invasion of Ukraine.
That total is up 60% compared to 2021, with the independent trading houses Trafigura, Vitol, and Glencore among the biggest beneficiaries, the"Financial players such as hedge funds also enjoyed big gains, earning an estimated $12 billion from trading activities in 2022 compared with less than $3 billion the year before," the newspaper added.that 2022"was a bit of a perfect storm across all the commodities, from a trading opportunity perspective.
\u201cAs we suffer a #CostOfLivingCrisis, food, energy and financial corporations made record profits of $115bn gambling on the basics of life. \u201cVolatility is the lifeblood of what traders need in order to trade.\u201d 1/2 https://t.co/AmHtYSL35K\u201d
Imagine…all they have to do is pay us a living wage around the world, costing them very little in the short term and making them more than they could ever imagine. Because we SPEND our money on their products lol This is a choice, that makes it even more disgusting. EatTheRich