TotalEnergies Eyes Copper Trading to Capitalize on Energy Transition
France’s TotalEnergies is exploring the possibility of expanding its oil trading operations into copper, aiming to benefit from the growing demand for metals driven by the global energy transition, according to a report by the Financial Times.
Rahim Azouni, Senior Vice President of Crude, Fuel, and Derivatives Trading at TotalEnergies, revealed at a private conference in London that the company is “studying the case” for entering the copper trading market. However, no final decision has been made, according to sources present at the event.
This move would follow the path of Vitol, the world’s leading energy trader, which ventured into metals trading earlier this year. TotalEnergies’ potential diversification aligns with the increasing need for metals like copper, aluminum, nickel, and cobalt—critical components in electric vehicles and renewable energy technologies.
As the world shifts toward cleaner energy, the demand for these metals is expected to surge, offering profitable opportunities for traders. TotalEnergies has not yet commented on the report, as noted by Reuters.
SOURCE:mining.com
