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Metal Trading Explained | Samuel Basi | Ex-Trafigura metal trader

Basi explains that metal prices are driven by the tight interplay of physical supply/demand, exchange warehouse inventories, quality/grade differences and logistics bottlenecks, so successful traders monitor on‑the‑ground flows, specification mismatches and timely inventory data rather than relying solely on futures charts. He lays out pragmatic trade approaches — hedging with forwards and options, basis and carry trades to exploit contango/backwardation, inter‑warehouse and physical‑paper arbitrage — and stresses rigid credit controls, margin discipline and airtight contracts to control delivery and counterparty risk. If you're deciding whether to engage, the interview is most useful for prospective metal traders or commodity analysts who want hands‑on tactics: specialize by metal/region, build direct producer‑consumer relationships, master contract and logistics details first, and use data/analytics to convert those fundamentals into actionable trades.