INTERNATIONAL ENTERPRISE SINGAPORE

COMMODITY
TRADING HUBS
Singapore’s role and proposition
The business of commodity trading has grown dramatically over recent decades.
This paper outlines the underlying reasons for this growth, the vital role
commodity trading plays in the global economy and the benefits this brings to
participants and the wider society. It details the nature of commodity trading
activities and explains how they are typically organised to achieve greatest
effectiveness. Along with the rise in Asia’s share of commodity production
and consumption, the paper provides further insight on the role and
benefits of commodity trading hubs within the region and Singapore’s
prime position to support the needs of growing economies across Asia.
Contents

01 10
Executive summary Section 4:
Hubs provide a critical ecosystem
02 for commodity trading
Section 1:
Commodity trading plays a vital role 12
in the global economy Section 5:
The role of commodity
04 trading hubs in Asia
Section 2:
Different ways for industrial companies 14
to participate in commodity trading Section 6:
The Singapore proposition
07
Section 3:
Why companies organise trading
activities in centralised units

Acknowledgements and Disclaimer

IE Singapore acknowledges the support received from Oliver Wyman in the preparation of this report.

While every effort is made to ensure that the information in this document is accurate, the information is
provided by IE Singapore to you without any representation or warranty. Any reliance on the information
in this document is at your own risk. Neither IE Singapore nor Oliver Wyman accepts any liability for
any errors, omissions or misleading information. IE Singapore, Oliver Wyman and their employees shall
have no liability and shall not be held responsible for any consequence arising from your reliance on any
information provided by us nor any actions taken or decisions made as a consequence of the results,
advice or recommendations set forth herein. You are advised to consult your own professional advisors. No
responsibility is taken for changes in market conditions or laws or regulations and no obligation is assumed
to revise this report to reflect changes, events or conditions, which occur subsequent to publication.
Executive summary
Each year around US$10 trillion of commodities are produced and consumed1. However
commodities are rarely produced and consumed in the same place or at the same time
- a complex value chain including refining, processing, storage and shipping is usually
required to get them to the right place.

Linking these value chain elements together is commodity trading. Commodity trading
enables the transition of commodities from the mine or field gate to the factory door
and end consumer. Commodity trading ensures the right product turns up in the right
place at the right time and at the lowest cost.

Companies participate in commodity trading in different ways. Some companies may

simply sell or buy their products through long term contracts. Others seek to take
advantage of flexibilities in commodity flows and optimise how their assets are utilised.
Commodity trading helps make markets more efficient and reduce business costs.

Commodity trading is distinct from the industrial activity of commodities firms. It has
a different economic model and different risks that need managing, and therefore
requires different types of skills. For that reason many companies put their commodity
trading activities in a standalone unit, forming a centre of excellence that pools skills
across trading, marketing, logistics and risk management. Centres of excellence are
often located in commodity trading hubs.

There are a number of commodity trading hubs around the world, including Chicago,
Houston, Geneva, London, New York, Singapore and Hong Kong. They offer critical
access to a participant-network of companies working in the commodity sphere which
allows business relationships to be built and transactions to be originated, and to the
sophisticated financial and legal infrastructure required for trading. In addition, they act
as a magnet for people with the specialist skills in commodity trading, and particularly
the right education and global language skills that companies need.

Asia’s share of global commodity production and consumption is rising and more
commodities are being traded during the Asian time zone. Singapore is playing an
important role as a commodity trading hub for Asia. By bringing more companies into
one place and facilitating trading, Singapore is helping to improve liquidity in the Asian
commodity markets. That adds value for everyone as commodity costs are reduced,
supply security is increased and better risk hedging options become available.

1 Source: UN COMTRADE, IMF Price data, USGS, Malaysian Rubber Board, MIT Economic Atlas, International Cocoa
Organisation, EIA, BP Statistical Review, Oliver Wyman analysis
1
 SECTION 1
Commodity trading
plays a vital role
in the global economy
The commodities industry plays a critical role in the global economy. Each year
around $10 trillion of commodities are produced and consumed, across different
asset classes of energy, metals and agricultural products2.

Commodities are rarely produced and consumed in the same place or at the same
time. Production occurs in specific resource-rich locations that are often less
accessible and far away from major consumption centres. Consumption patterns
can quickly shift, as can production output in particular locations. Supporting this
global model of production and consumption is a complex value chain including
refining, processing, storage and shipping. This value chain ensures that the right
commodity is delivered to the consumer in the right form (e.g. the right quality
grade or mix), in the right place (e.g. at the ‘factory-door’ rather than thousands of
kilometres away) and at the right time (e.g. just-in-time to match seasonal or other
unexpected fluctuations in demand).

Historically many companies undertook these value chain activities in an

integrated ‘tram-line’ business model. An example of such a ‘tram-line’ model
would be an oil company that does everything from exploring for oil to selling the
refined product to motorists at its petrol (gas) stations. Nowadays, pure ’tram-line’
models are less common and there are many different companies that specialise
in different aspects of the value chain. For instance, some companies process
far greater volumes than they produce and buy the extra volume from other third
party producers who focus on exploration and mining. Specialisation drives scale
efficiencies, which drive down costs.

Linking these companies, and the broader value chain, is commodity trading.
Companies buy and sell the commodities they need in a global market place,
trading with those companies that can offer them the best terms. Amidst the
complexities of global demand-supply mismatches, commodity trading enables
great flexibilities to the way companies can buy (or procure) and sell (or market).
If supply from one source is disrupted, consumer companies can quickly turn
to other sources. If demand, and willingness to pay, suddenly rises from buyers
in another location, producers can shift where they sell and maximise margins
(Figure 1 provides an example of commodity trading in action). Likewise producers
can diversify their sales and give themselves more demand stability.

2 Source: UN COMTRADE, IMF Price data, USGS, Malaysian Rubber Board, MIT Economic Atlas, International
Cocoa Organisation, EIA, BP Statistical Review, Oliver Wyman analysis
2
 Commodity trading
plays a vital role in
the global economy

This flexibility benefits not just industrial companies but also end consumers and
workers. In many countries, consumers may now be more assured that they have
access to energy, food and a whole host of other consumer goods all year round
without stoppages in supply and at relatively stable prices. This stability of demand
and supply through diversity of buyers and sellers means that companies can invest
with greater certainty and create more employment.

Figure 1: Example of energy commodity trading in action

1 LOCATION
Source fuel oil from European refinery and
sell forward three months on Asian
benchmark to lock in price differential, then
ship it to India using spot-chartered vessel

3 BLEND
Blend with cutter
stock in tank to marine
fuel specifications
3* BLEND
2 TIME Alternatively, one
Keep residual fuel oil in could do the blending
storage for two months near in Singapore at on- or
refinery in Tamil Nadu (India) off-shore facilities

4 LOT
Take bunker fuel in smaller
ship to Singapore to supply
local barge ship operator
Voyage duration: 1 month

Accessible storage
Vessel terminal Client location

Accessible Accessible upstream

processing capacity production

3
 SECTION 2
Different ways for industrial
companies to participate
in commodity trading
Industrial companies that produce or consume commodities can participate in
commodity trading in different ways. At its very simplest, commodity trading is selling
when the commodity is ready for sale or buying when the commodity is required for
consumption. However many industrial companies are more sophisticated than this
and look to both plan ahead and improve margins through commodity trading.

Companies can choose from a range of commodity trading models. The choice of
model is driven by a range of factors including the companies’ broader business model
(including size and complexity of their product flows relative to their overall industrial
activity) and their risk appetite (e.g. some companies have minimal risk appetite and
use commodity trading to hedge out as many risks as they can whilst others have high
risk appetite and use commodity trading to enhance expected returns).

Figure 2 shows the most common trading models, arranged by level of sophistication.

All of these trading models starting from the basic stream-based trading model involve
marketing to customers and developing trusted relationships between the seller and
buyer. They also all include an element of logistics management such as route-planning
and coordinating real time movement of the physical commodity over road, rail and sea
to ensure efficient, timely delivery.

As producers shift from stream-based marketing to marketing excellence, their

offering to customers becomes more tailored and this creates more opportunity for
margin improvement.

In the asset-based trading model, this marketing approach is often extended to

third party volumes. The asset-based trading model also introduces the trading of
optionalities or flexibilities in the industrial value chain. For instance, a commodity
producer could buy delivery contracts from others in order to utilise spare capacity in
its refining facilities. A commodity producer could sell its shipping capacity to others
willing to pay a high price, and ship its own commodities via an alternative, slower
route given flexibility it has in the delivery date.

4
 Different ways for
industrial companies
to participate in
commodity trading

Figure 2: Levels of commodity trading sophistication

(from the perspective of a commodity producer)

Stream-based marketing (Basic model)

// Sell commodity production on long term contracts  (to
obtain premium)
// Bulk buy and manage shipping, storage and other
logistics to generate scale benefits

+ Marketing excellence (Customisation)

// Create different product offerings for different customers
(for which they will pay a premium)
// Ensure security of supply through range of provider
relationships

+ Asset-based trading
(Trading optionalities and 3rd party volumes)
// Actively trade option value from flexibilities in production
and delivery processes
// Access to 3rd party volumes to create additional
optionality and trade other companies’ production

+ Proprietary trading (Active paper trading)

// Use derivative instruments and take paper positions for
hedging and risk management
// Active trading through physical and paper forms to
express market views
// Higher risk, to generate higher return

5
 Different ways for
industrial companies
to participate in
commodity trading

Finally the proprietary trading model includes active risk taking on price
movements. This can include trading price arbitrage opportunities between
physical assets and paper derivatives.

Many companies are increasingly engaging in the full range of activities today.
The more sophisticated the commodity trading model, the greater the potential
revenue margin improvement, but also the greater the operational complexity
and risks incurred.

It is important to note that commodity trading is not only about margin

improvement, but also risk management. For instance, commodity trading can
reduce volume risk (i.e. being stuck with inventory), it can be used to manage
the company’s inherent exposure to commodity price movements. A company
with large inventory can benefit when price rises, but suffer when price falls.
Trading can help companies better execute major selling (or buying) activity in
the market with less price impact, e.g. via hedging tools.

Alongside producers and consumer companies in commodity trading, there are

also third party traders. Examples of third party traders are Glencore, Trafigura
and Noble. These third party traders act as intermediaries in the market and
provide liquidity to buyers and sellers. Historically they have focused on trading
volumes from third party producers. Over time, some merchants have moved
upstream and acquired significant production capability. This allows them to
better manage their risks and be more effective intermediaries. A number of
major banks also act as important intermediaries in various commodities.

6
SECTION 3
Why companies organise
trading activities in
centralised units
Commodity trading is distinct from companies’ industrial activities. Not only are
different skill-sets required, but there are also major differences in the economic
model and the types of risks that need to be managed. Commodity trading is
often financed differently to industrial production, for instance making use of
commodity trade finance to lower funding costs. The major risks in commodity
trading include counterparty credit risk and other commodity price movement
risks, whereas in industrial activities operational and environmental risks are
much more prominent.

Commodity trading is also complex. Globally, hundreds of thousands of highly

skilled individuals are employed in the activity. The required skills can be grouped
into four activities as shown in Figure 3.

First, commodity trading critically involves building relationships with clients and
understanding their unique needs. Second, it is important to gather intelligence
on flows and to understand market demand and supply in order to structure
the deals accordingly to meet the clients’ needs. Third, commodity movements
need to be managed to ensure timely delivery and finally, the necessary legal
documentation needs to be arranged and a close eye kept on all these activities
to ensure that risk levels do not exceed limits. These activities are interlinked
and need to be located together to ensure the swift processing of time-sensitive
commodity transactions.

7
 Why companies
organise trading
activities in
centralised units

Figure 3: Interlinked business activities

Business & relationship Market intelligence

management and deal structuring
// Market coverage  // Understanding flows,
(buyer / seller) customer demand,
// Building relationships supply availability
// Sourcing suppliers // Identifying mismatches in
// Managing portfolio,  supply and demand
ensuring diversification // Structuring transactions
// Counterparty education  to meet company and
and collaboration counterparty needs
// Brand building // Analysing system to find
efficiencies, modelling
// Deal decision making
and execution

Management of commodity Transaction and

movement risk control
// Scheduling movement  // Financing flows 
of commodities  and stockpiles
(shipping, rail, road) // Arranging legal 
// Managing stockpiles  documentation 
and warehousing and insurance
// Auditing and checking  // Managing price, 
commodities quality credit, operational 
// Directing transformation  and other risks
of commodities

8
 Why companies
organise trading
activities in
centralised units

For these reasons many companies have put their commodity trading activities
into a separate and centralised unit. They may have one regional unit or, for
the largest global companies, units in each major time zone. These units are
centres of excellence for commodity trading activities. Typically they have their
own P&L which creates transparency for the company on the value-add of
commodity trading. They allow the risk exposures of commodity trading, which
are distinct from the risk exposures of industrial activities, to be isolated and
controlled by a dedicated trading risk management function. Trading units also
tend to have specific remuneration and HR models to attract and retain staff in
a global talent market.

These units do not need to be in the same location as the companies’

industrial activities (and often industrial activities are spread out across many
remote locations). Rather it often makes sense to locate them in a commodity
trading hub due to the critical supporting ecosystem that a hub offers.

9
 SECTION 4
Hubs provide a
critical ecosystem for
commodity trading
Hubs provide a critical ecosystem comprising of the necessary infrastructure and
skill-sets required for commodity trading. The key attributes of a commodity trading hub
are listed in Figure 4.

Most importantly, commodity trading hubs provide a participant-network, where buyers

and sellers can form close business relationships and trades can happen. Access to
the right participant network is often the most important factor for companies when
choosing where to locate their commodity trading units3. In a participant-network,
information can flow quickly between different buyers and sellers (e.g. information about
demand and supply and other factors that can affect the price of commodities). This
enables the network to understand where the ‘fair’ market price is at any one moment
and that increases the fluidity, ease and volume of trading. Many commodity traders say
that they cannot risk trading large or complex deals from outside a participant-network.

Linked to this is the ability to hire the necessary skilled people for commodity trading.
It can be very difficult to find these people outside commodity trading hubs, and
particularly in the locations of production. The most skilled people in commodity
trading are globally mobile and attracted to the greater career opportunities offered in
commodity trading hubs. Commodity trading hubs must also offer a strong local talent
base, particularly with the right education and global language skills.

Financial and trading infrastructure provided by commodity trading hubs is critical to

commodity trading. Many trades are in foreign currencies and commodity traders
need rapid access to global payments and clearing infrastructure. Commodity trading
units’ inventory is typically most efficiently funded using commodity trade finance and
commodity traders need easy access to the major providers. Country credit risk is a
major factor here – inventory held in a lower rated jurisdiction will be more expensive to
fund than in a higher rated country. Commodity trading hubs are typically in highly rated
countries, whereas many commodities are produced in less well rated countries.

Commodity trading hubs need to provide stable legal, regulatory and tax frameworks
that provide necessary protections, the ability to arbitrate disagreements and the stability
to make long term business decisions. Since commodity trading is a relatively mobile
activity, commodity trading hubs need to be competitive, including in their fiscal policies.
Commodity trading hubs also need to offer a positive business environment that attracts
global companies and their staff and provides good transport links to key markets.

3 Based on broad range of discussions with companies partaking in commodity trading

10
 Hubs provide
a critical
ecosystem for
commodity trading

Finally, proximity to physical flows and infrastructure is important, and is the historical
reason why many of the largest global commodity hubs are located where they are today
(e.g. Chicago, Houston, Geneva, London, New York, Singapore and Hong Kong). Many
of these hubs have existed for many decades as a meeting point for commodity trading.
Different hubs may specialise in different commodity asset classes. For instance, Chicago
is a major hub for agricultural products, London for metals and Houston for energy trading.

Figure 4: Key attributes of commodity trading hubs

A participant network
// Access to major buyers, sellers and decision makers in the
same place, enabling relationships to be built and business
opportunities found
// Access to a broader range of service providers to manage
elements critical to structuring a trade e.g. risk, legal and financial

Human capital
// Pools of diverse and highly-skilled human capital
// Attractive environmental, social and educational infrastructure
to attract and retain the best talent locally

Financial and trading infrastructure

// Availability of exchange, payments, banking infrastructure that enables trading
// Deep and liquid capital markets and funding resources
// Critical mass of intellectual capital, supporting cutting edge
risk management, bespoke structuring and pricing solutions

Legal, regulatory and tax framework

// Internationally-recognised legal, regulatory and tax frameworks,
offering market participants necessary protections and flexibility
// Attractive fiscal policies and incentives

General business environment

// Multicultural and multi-lingual environment, attracting a diverse range of
buyers and sellers, increasing the size and resources of the participation
network and boosting price optimisation
// Good transport links, favourable time zone, close proximity to key markets
to support relationships and marketing efficiencies

Physical flows and infrastructure

// Intellectual capital generated from proximity to physical infrastructure such as
ports, warehousing and terminals
// Availability of pricing points and benchmarks

11
11
 SECTION 5
The role of commodity
trading hubs in Asia
In parallel with rapid economic growth across Asia, the region’s share of global
commodity consumption is rising and a growing proportion of commodity trading is
occurring during the Asian time zone.

Figure 5 below highlights the commodity asset classes that are now predominantly
produced, consumed and traded in Asia (e.g. over two thirds of major commodities
like coal and steel are now produced, consumed and traded in Asia). Even other
commodities that are predominantly produced outside Asia, like crude oil and liquid
natural gas (LNG), are seeing an increasing share of trading in Asia.

Commodity trading hubs in Asia have an important role to play in developing the
market liquidity of these ‘Asian’ commodities. Figure 6 highlights where the different

Figure 5: Asia’s dominance in commodity production and consumption

Asia is the primary source of

production and consumption
100%
Nickel
90%
Cotton
Met coal Palm oil
80% Gas (LNG)
Zinc Rubber
% consumed in Asia

Aluminum
Thermal coal
70%
Copper
60% Steel
Iron ore
Sugar
50%
PGM
40%
Crude oil Oil products
30%

20% Coffee
Gas (NG)
10% Cocoa

0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

US$ annual global % produced in Asia

High Low
production value

Source: Oliver Wyman analysis and market benchmarks

12
 The role of
the commodity
trading hubs
in Asia

commodity asset classes within the trading liquidity spectrum (that is, the ease of buying
or selling and the size of the relative price spread in the market between where people are
willing to buy or sell).

Many ‘Asian’ commodities tend to exhibit lower trading liquidity. By bringing traders
together and making it easier to trade, Asian trading hubs can increase the volume of
trading, which in turn improves liquidity and reduces the cost to trade. Beyond better prices
for buyers and sellers, more liquidity allows better derivative products to be created, which
producers and consumers can use to hedge commodity price fluctuations and other risks.
This creates benefits all the way through to the end consumer, resulting in lower and
more stable retail prices. Hubs also remain important for liquid markets, both in terms of
maintaining that liquidity and developing additional products and services (e.g. exchange
traded futures, OTC clearing etc.) that further enhance market efficiency. Most successful
hubs can effectively manage the entire range of commodities.

Figure 6: Value of a hub in creating liquidity

Least liquid markets Most liquid markets

// Difficult to enter and exit // Highly efficient price discovery with high volumes
// Significant information asymmetry // Easier to enter, and typically includes
across different market players leaving diverse nature of participants,
potential for disruptive behaviours e.g. ETFs, futures, centralised clearing
// Traded quantity can exceed physical production

>1%
LNG (Asian) TYP
ICA
Met coal LP
Potential price improvement

ATH
Steel OF
from more liquid markets

Iron ore
EVO
LUT
Concentrates ION
FOR
Rubber CO
MM
Palm oil OD
ITIE
LNG (non-Asian) Thermal coal S
Sugar Grains
Finished metals (phys)
Oil products
Natural gas Finished metals
Power Crude
Precious metals
<0.1%
Asian-centric1 Global

Many Asian commodities (e.g. Iron, Steel,

Rubber, P  alm Oil, etc.) sit at this end of the
liquidity spectrum, highlighting the need to
increase commodity trading in Asia

Source: Oliver Wyman analysis and market benchmarks

13
 SECTION 6
The Singapore proposition
Singapore has been involved in commodity trading for many decades. Over the years,
it has expanded into one of the world’s leading financial and commodity trading hubs
which provides the necessary infrastructure and skill-sets required by commodity
trading companies.

Its geographic location at the centre of Asian trade routes has long been a key
advantage and so is the participant-network that has developed in Singapore, with
the majority of the major global commodity producers, consumers and traders
present. Singapore has an added advantage of a hub that offers a neutral playing
field for commodity traders with no single producer or consumer who can dominate
the market. Singapore brings a broad range of participants together to create new
commodity trading opportunities and further deepen market liquidity. Combined
with a high quality of life, and a highly international, multi-lingual local employee
base (particularly in both English and Mandarin), Singapore offers a talent pool that
possesses the knowledge and cultural awareness to facilitate trading with the world’s
largest growing markets such as China, India and ASEAN.

As a leading global financial centre, Singapore has a wide range of financial

institutions with dedicated teams for the commodity sector. This is enhanced by
efficient USD/RMB clearing and other risk management infrastructure, including easy
access to commodity exchanges and a wide range of price discovery and hedging
solutions (such as SICOM rubber futures, SGX iron ore swaps and the Platts FOB
Straits benchmark). Singapore is one of the very few ‘AAA’ rated commodity trading
hubs and offers a high level of legal, regulatory and fiscal stability. It is consistently
rated as one of the best global locations to do business and is a leading centre for
contract arbitration. It provides a highly convenient central location for commodity
traders to manage their customer and supplier relationships across Asia and act as a
gateway between East and West.

Singapore has an ever stronger role to play in the evolution of global commodity
trading. By supporting the development of deeper and more liquid commodity
markets in the Asian time zone with products tailored around Asian needs, Singapore
is creating significant benefits not only for commodity traders but also in supporting
the needs of growing economies across Asia.

14
The Singapore
proposition

Figure 7: Singapore commodity trading hub – key attributes

1 2
Participant network Human capital pool
// 60-80% of world’s top oil and gas, // #1 in Asia for quality of life
steel and metals, mining and agricultural
// “A trading business is all about traders.
commodities companies operating
To retain them you need the “soft” factors:
within a neutral jurisdiction
culture, lifestyle and quality of living”
// “The extensive network allows us – Asian oil marketer
to capture more market intelligence
// Culturally adaptive workforce fluent in
and optionality”
important business languages English
– Asian oil marketer
and Mandarin
// “Asia is the centre of consumption.
// “Singapore has a global and world-class
We want to be closer to our customers.”
talent pool for commodity trading”
– Global leading independent trader
– Major bulks producer

3 4
Financial and trading Legal, regulatory 
infrastructure and tax framework
// #2 banking sector in the world with // #4 globally for contract arbitation
deep regional knowledge and dedicated
// “Singapore has a competitive edge
commodity teams
with its stability”
// “There’s a concentration of service providers – Asian metals trader
… they a re knowledgeable about the
// #1 in Asia for anti-corruption
commodity and the local market”
– Asian softs trader // “Singapore has a robust and
transparent institutional framework”
// 3rd largest 
– Major bulks producer
– global FX market
– pool of RMB deposits
– global USD daily average FX turnover

5 6
General business Physical flows 
environment and infrastructure
// Direct flights to 408 destinations // 10 million m3 of independent oil storage -
the largest amount in Asia
// “Being in the centre of Asia benefits
communication with our counterparts // “Physical infrastructure is important.
in Europe and Middle East” We can break bulk in Singapore”
– Asian LPG player – Asian natural gas producer
// Over 65% of global base metals and // 8 of 46 LME warehouses in Asia
80% of themal coal consumption
// “Being close to the tankage helps us
takes place within a 6 hour flight radius
manage our supply chain better”
– Global oil & gas marketer

15
 INTERNATIONAL
ENTERPRISE
SINGAPORE
IE Singapore is the government agency that promotes international
trade and partners Singapore companies to go global.

Our vision is for Singapore to be a leading global economy by:

• Building the top global trading hub
• Growing global champions
• Creating global opportunities for our people

Trade has always been the backbone of Singapore’s economy. In

addition to promoting the export of goods and services, we attract
and anchor global commodities traders to establish their global or
Asian home base in Singapore. Today, Singapore is a thriving trading
hub with a complete ecosystem for the energy, agri-commodities
and metals & minerals trading clusters.

Through our comprehensive assistance schemes, we partner

Singapore-based companies to strengthen their competitiveness and
compete on the global stage against the very best in their industries.

Our global network of overseas centres in over 35 locations provides

Singapore-based companies with the necessary connections across
developed and emerging markets.

Visit www.iesingapore.gov.sg for more information.

16
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