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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 seriesA 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.
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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 read
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