TotalEnergies Evaluates Copper Trading Entry, Following Vitol’s Lead

French energy company TotalEnergies is exploring the possibility of expanding into copper trading, according to a report by the Financial Times. This potential move would align with the growing demand for metals essential to the global energy transition, as copper plays a crucial role in renewable energy and electrification technologies.

Rahim Azouni, senior vice president of crude oil trading at TotalEnergies, stated that the company has not yet made a final decision on whether to enter the copper market.

The Financial Times also noted that Vitol, a major player in the energy trading sector, began trading metals earlier this year. This shift is part of a broader trend among energy traders to diversify into metals, which are seeing increased demand due to the energy transition. Metals like aluminum, copper, nickel, and cobalt are particularly attractive as they are key components in green technologies, presenting opportunities for traders amid rising asset values.