One of the world's biggest trading houses has posted a slump in profits in yet another sign that the boom in the commodity markets is fading. The war in Ukraine dealt a major shock to commodity markets and put major pressure on food, fuel and fertiliser prices. The FTSE 100 group's commodity trading business was hit as the volatility that traders thrive on began to peter out. Oil prices dipped last year after hefty increases in 2022 in the aftermath of Russia's invasion, with oil trading at about $82 a barrel on average, against $100 in 2022. 'In the near term, supply chain disruptions continue to persist, including due to threats in the Red Sea, and commodity markets remain vulnerable to sudden shocks and price spikes,' he said.

Source: Daily Mail June 07, 2024 14:35 UTC