Trading, Business & Finance
#6
Six Things Commodity Desks Need to Know This Week
Hormuz risk is now priced into everything from jet fuel to Chicago wheat, and the CTRM market just got measured.
Anish PujariSep 8, 2026 14 min readThe vaultAnish PujariSep 8, 2026 14 min read 
Anish PujariSep 7, 2026 6 min read
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Anish PujariAug 7, 2026 7 min read
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Archive
Every narrative we've ever published, searchable.
Essay series
Trading Operations3 essays
A running series on the operational backbone of commodity trading: freight, demurrage, market structure, and the data discipline that separates good desks from great ones.
Read the seriesThe Trading Professional6 essays
A six-part series on building a durable career in commodity trading: future-proofing your skills in an AI-first market, moving from trader to desk head, navigating ETRM vendors, reading the room, and building the reputation and judgment that compound over decades.
Read the series8 essays found
Anish PujariSep 8, 2026 14 min readDelivery & Systems
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What an ETRM Implementation Really Costs
The licence is the smallest number in the deal. A line-by-line breakdown of what Endur, Allegro, and RightAngle programmes actually cost once you count integration, data, people, and the upgrade treadmill, from someone who has signed the change orders.
Anish PujariSep 7, 2026 6 min readDelivery & Systems
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Endur vs Allegro vs RightAngle: An Implementer's Honest Comparison
All three ETRMs now live under one owner, and every RFP still treats them as rivals. After a decade of implementations, here is how Endur, Allegro, and RightAngle actually compare where it matters: commodity fit, compliance, AI, upgrade pain, and the total cost nobody puts on the first slide.
Anish PujariSep 7, 2026 7 min readTrading, Business & Finance
What Does TC/RC Mean in Metals Trading? Treatment and Refining Charges Explained
TC/RC stands for treatment and refining charges: the fees a smelter charges a miner to convert concentrate into refined metal. Why the benchmark moves, what negative TC/RCs mean, and why trading systems get the sign flip wrong.
Anish PujariAug 14, 2026 3 min readTrading, Business & Finance
What Is Demurrage vs Detention? A Plain-English Guide for Commodity Traders
Demurrage is charged when cargo occupies a vessel or terminal beyond the agreed free time; detention is charged when equipment is held outside the terminal past its return date. What each one costs, why the invoices are so often wrong, and how desks reduce both.
Anish PujariAug 14, 2026 3 min readTrading, Business & Finance
ETRM vs CTRM: What's the Difference, and Which One Do You Actually Need?
ETRM software manages energy trading across power, gas, and oil, while CTRM covers the full physical commodity lifecycle including metals, agriculture, and freight. A plain-English comparison from twelve years of delivering both, with a practical checklist for choosing.
Anish PujariAug 14, 2026 4 min readTrading, Business & Finance
The Shipping Industry Is Sitting on a $15 Billion Problem. And Nobody Is Talking About It Honestly.
Demurrage is not an operational inconvenience, it is a systemic failure of data. The industry loses up to $15 billion a year to a problem that lives in inboxes and spreadsheets.
Anish PujariAug 7, 2026 7 min readTech & AI
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Freight Management and Tracking Visibility: How Digital Platforms and AI Are Rewriting the Rules of Commodity Logistics
Why $15 billion in annual demurrage is a data problem, and how AIS, AI, and integrated CTRM are finally solving it.
Anish PujariAug 7, 2026 8 min read