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 8 min read
Anish PujariAug 27, 2026 6 min read
Anish PujariAug 14, 2026 3 min read
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 series4 essays found
Anish PujariSep 8, 2026 14 min readTrading, Business & Finance
Premium
Nine Decisions
A copper cargo is priced eight times before anyone looks at a screen. Here is the lifecycle of a concentrate parcel, and why the assay lab decides more of the P&L than the trading desk.
Anish PujariSep 7, 2026 8 min readTrading, Business & Finance
Copper Prints a Record: What Commodity Desks Need to Watch
A record copper price is a data point. The supply pipeline, the energy transition bid, the China variable, and what commodity desks should actually watch.
Anish PujariAug 27, 2026 6 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 read