S&P 5007,636.36+0.06%NASDAQ26,253.34+0.59%FTSE 10010,670.06-0.80%BTC/USD77,852.15-2.47%ETH/USD2,445.24-1.43%EUR/USD1.1640+0.47%GBP/USD1.3550+0.49%GOLD4,447.70-0.98%BRENT102.34+7.14%US 10Y4.84%+4.10bpVIX16.46+14.94%NIKKEI 22565,142.78+1.45%S&P 5007,636.36+0.06%NASDAQ26,253.34+0.59%FTSE 10010,670.06-0.80%BTC/USD77,852.15-2.47%ETH/USD2,445.24-1.43%EUR/USD1.1640+0.47%GBP/USD1.3550+0.49%GOLD4,447.70-0.98%BRENT102.34+7.14%US 10Y4.84%+4.10bpVIX16.46+14.94%NIKKEI 22565,142.78+1.45%

// Insights

Insights

Interviews with people working in the market, plus research from our own desks.

Featured / INTERVIEW

INTERVIEW BY JAMES BRIDEL

18 MIN READ

Inside Physical Commodity Trading

An Interview with Samuel Basi

Eleven years at Trafigura, from operations through the hedge desk to physical metals trading. He walks through how a physical trade actually works, what hedging really means, and how to get into an industry that is famously hard to enter.

Read the interview

// Division Research

EQUITIES
Stock pitches, valuation deep-dives and sector primers.
2026/27 PROGRAMME
COMMODITIES
Energy, metals and agriculture market notes.
2026/27 PROGRAMME
FIXED INCOME
Rates, credit and yield curve commentary.
2026/27 PROGRAMME
FX
Currency and macro positioning analysis.
2026/27 PROGRAMME

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