is there a good explainer of how Glencore makes its billions? I can understand owning a business that can sell lots of very expensive phones, and who pays, not a business that can keep making lots of very profitable commodity trades. Who does it make its money from?
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I realise now that I had just assumed there must be something else going on, some durable market power beyond the norm. And if so, I was interested where the incidence falls, if that makes sense (is the DRC paying, or are copper/cobalt buyers)
Small margins, big volumes in the commodities trade I'm always told. https://www.trafigura.com/media/1192/2014_trafigura_economics_of_commodity_trading_firms_en.pdf …
