Aramco trading pushes into metals, plans copper hires

The trading arm of Saudi Aramco plans to hire copper traders as part of a push into metals markets, joining a growing wave of energy giants moving into the sector.

Aramco Trading has plans to develop a book in copper and is in the process of hiring traders, according to people with knowledge of the dealings, who asked not to be named because the information isn’t public. The firm has already hired Jack Gebler, a former Trafigura Group battery metals trader.

A spokesperson for Aramco Trading didn’t respond to a request for comment.

Energy trading firms like Mercuria Energy Group Ltd., Vitol Group and Gunvor Group have made big pushes into metals over the past year. They’ve been joined — to a lesser extent — by some trading arms of bigger energy producers, including PetroChina Company Ltd.

Aramco Trading’s hiring plans come as Saudi Arabia is looking to expand its metals and materials industries both at home and abroad.

Domestic mining and smelting firm Maaden runs the world’s largest aluminum smelter outside of China and wants to develop local operations. Meanwhile, overseas firm Manara Minerals owns a share of Vale Base Metals and has a remit to take stakes in mines around the world.

Aramco Trading could make prepayments to mines and smelters as part of the build-out of a copper position, two of the people said. While the unit has offices in London, Houston and Singapore, it is now looking to hire metals traders in Jeddah, said the people.

(By Archie Hunter)