Quick answer: As of October 2026, the top 10 traded commodities in the world are crude oil, natural gas, gold, silver, copper, soybeans, corn, wheat, coffee and sugar. The top 10 commodity trading companies in the world are Vitol, Trafigura, Glencore, Mercuria, Gunvor, Cargill, ADM, Bunge, Louis Dreyfus and Koch Industries.
Key takeaways
- Energy leads. Crude oil is the most traded commodity in the world by value, followed by natural gas and gold.
- Volumes are at record levels. According to the World Federation of Exchanges, 12.49 billion commodity derivatives contracts were traded in 2025, up 17.5% on 2024.
- 2026 has been volatile. Gold set an all-time high of US$5,501.70 an ounce in January 2026, and Brent crude briefly rose above US$126 a barrel in April 2026.
- A few firms move most physical supply. Vitol, the largest independent energy trader, reported 2025 revenue of US$343 billion.
- Retail traders usually use CFDs. CFDs let you trade commodity price movements without owning the physical asset. Take note that leverage magnifies both gains and losses.
What are the top 10 most traded commodities in the world?
The top 10 most traded commodities in the world are crude oil, natural gas, gold, silver, copper, soybeans, corn, wheat, coffee and sugar. These ten consistently lead global trading activity because they are essential to energy, industry and food supply, and each has deep, liquid futures markets on major exchanges.
| Rank | Commodity | Category | Main benchmarks | Main exchanges | Key price drivers |
|---|---|---|---|---|---|
| 1 | Crude oil | Energy | Brent, WTI | ICE, NYMEX | OPEC+ policy, geopolitics, inventories |
| 2 | Natural gas | Energy | Henry Hub, Dutch TTF | NYMEX, ICE Endex | Weather, LNG flows, storage |
| 3 | Gold | Precious metal | XAU/USD, LBMA fix | COMEX, LBMA | Interest rates, US dollar, central banks |
| 4 | Silver | Precious metal | XAG/USD | COMEX, LBMA | Industrial demand, gold price |
| 5 | Copper | Industrial metal | LME 3-month, HG | LME, COMEX, SHFE | China demand, electrification, tariffs |
| 6 | Soybeans | Agriculture | ZS | CBOT, Dalian | US and Brazil harvests, China imports |
| 7 | Corn | Agriculture | ZC | CBOT, Dalian | US weather, ethanol demand |
| 8 | Wheat | Agriculture | ZW | CBOT, Euronext | Black Sea supply, weather |
| 9 | Coffee | Soft | Arabica, Robusta | ICE US, ICE Europe | Brazil and Vietnam crops |
| 10 | Sugar | Soft | Sugar No. 11 | ICE US | Brazil and India output, ethanol |
How is this commodity ranking calculated?
This ranking reflects a combination of three factors: global trading activity in futures and options, the overall market value of each commodity, and day-to-day liquidity for traders. It is designed as an evergreen reference. The exact order can shift from year to year, but these ten commodities have dominated global trading consistently.
Data points in this article come from exchange bodies and industry sources, including the World Federation of Exchanges, the FIA and Spherical Insights. Each statistic is dated so you can see how current it is.
What are commodities?
Commodities are raw materials that are traded in standardised form, so one unit is interchangeable with another of the same grade. A barrel of Brent crude in Rotterdam is, for trading purposes, the same as one in Singapore.
Commodities fall into four main groups:
- Energy: crude oil, natural gas, petrol, heating oil
- Metals: gold, silver, copper, aluminium, platinum
- Agriculture: wheat, corn, soybeans, rice
- Softs: coffee, sugar, cocoa, cotton
For a beginner-friendly overview, read our explainer on what commodities are and how you trade them.
Why do some commodities trade more than others?
A commodity trades heavily when it combines constant real-world demand, a deep futures market and frequent price-moving news. The commodities that meet all three conditions attract producers, consumers and speculators at the same time.
- Global necessity. Oil powers transport, gas generates electricity and grains feed billions of people, which creates continuous hedging demand.
- Deep futures markets. Exchanges such as CME, ICE, the LME and China’s Dalian and Zhengzhou exchanges provide central venues for trading.
- Price sensitivity. Markets that react quickly to weather, wars and central bank decisions attract active traders.
High volume matters to traders because it generally means tighter spreads, faster execution and smoother price adjustment. Thinly traded markets can gap sharply when news breaks. Our guide to volatility trading explains why the most traded commodities are often the most reactive too.
Commodity market statistics for 2026
Commodity trading activity reached record levels in 2025 and early 2026, driven by geopolitical events, strong precious metals demand and tight supply in industrial metals. The figures below summarise the current landscape.
| Statistic | Figure | Date | Source |
|---|---|---|---|
| Commodity derivatives contracts traded | 12.49 billion (up 17.5%) | Full year 2025 | World Federation of Exchanges |
| Growth in commodity options / futures volume | +48% / +10% | Full year 2025 | World Federation of Exchanges |
| Share of volume: agriculture / energy / precious metals | 30% / 26% / 8% | Full year 2025 | World Federation of Exchanges |
| Commodity futures and options open interest | Record high | March 2026 | FIA |
| Gold all-time high (LBMA AM fix) | US$5,501.70 per ounce | 29 January 2026 | SD Bullion |
| Brent crude intraday peak | Above US$126 per barrel | 30 April 2026 | ABC7 News |
| LME copper record | Above US$14,500 per tonne | 2026 | SentiSense |
| Commodity trading services market | US$4.73bn, forecast US$10.31bn by 2035 | 2025 base | Spherical Insights |
Two trends stand out. First, the conflict involving Iran, which began on 28 February 2026, pushed energy trading sharply higher, with ICE Brent futures volume nearly doubling in March 2026, according to FIA data. Second, Spherical Insights expects Europe to remain the largest market for commodity trading services, while Asia-Pacific grows fastest. Industry discussion, such as this LinkedIn commentary on commodities trading and energy, shows how closely professionals are tracking the sector.
The top 10 traded commodities explained
Each commodity below opens with a short answer on what it is and why it ranks, followed by the key facts traders look at most.
1. Crude oil: why is it the most traded commodity in the world?
Crude oil is the most traded commodity in the world because it fuels global transport and industry, and its price affects inflation, currencies and equity markets. Brent prices most of the world’s seaborne oil, while West Texas Intermediate (WTI) is the US benchmark.
- Benchmarks: Brent (ICE), WTI (NYMEX)
- Largest producers: United States, Saudi Arabia, Russia
- What moves it: OPEC+ output decisions, conflict in producing regions, weekly inventory data
- 2026 context: Brent briefly rose above US$126 a barrel on 30 April 2026, its highest level in around four years
Read our crude oil guide to understand Brent versus WTI, learn why crude oil prices swing so widely, and explore the mechanics in our oil trading guide.
2. Natural gas: why is it so volatile?
Natural gas is the second-largest energy market and one of the most volatile, because demand changes quickly with temperature and storage levels. It is used for electricity generation, heating and industrial processes.
- Benchmarks: Henry Hub (US), Dutch TTF (Europe)
- What moves it: weather forecasts, weekly storage reports, LNG shipping flows
- Why it matters: the growth of liquefied natural gas exports has linked US, European and Asian gas prices more closely
Traders seeking exposure without futures often study instruments such as the UNG natural gas fund.
3. Gold: why do traders treat it as a safe haven?
Gold is the most traded precious metal and is widely seen as a safe-haven asset that holds value during uncertainty. It is usually quoted against the US dollar as XAU/USD.
- Benchmarks: LBMA Gold Price, COMEX gold futures
- What moves it: interest rate expectations, US dollar strength, central bank buying, ETF flows
- 2026 context: the LBMA AM fix hit a record US$5,501.70 an ounce on 29 January 2026
Learn more in our guides to XAU/USD and how to trade gold, why gold is so valuable and the top 10 countries with the most gold reserves.
4. Silver: how is it different from gold?
Silver is both a precious metal and an industrial metal, which often makes it more volatile than gold. Demand from solar panels, electronics and electric vehicles sits alongside its traditional store-of-value role.
- Benchmark: XAG/USD, COMEX silver futures
- What moves it: industrial demand, the gold price, investor sentiment
See what XAG/USD is and our complete silver trading guide.
5. Copper: why is it called “Doctor Copper”?
Copper is called “Doctor Copper” because its demand closely tracks global industrial activity, making it a widely watched indicator of economic health. It is essential for wiring, construction, power grids, electric vehicles and data centres.
- Benchmarks: LME three-month copper, COMEX HG, SHFE
- What moves it: Chinese demand, electrification, mine supply, trade tariffs
- Key fact: Spherical Insights notes that China accounts for almost 50% of global metal demand, including copper
- 2026 context: LME copper set records above US$14,500 a tonne, helped by US stockpiling ahead of a proposed tariff
Our comprehensive guide to trading copper explains what moves the metal.
6. Soybeans: why do they matter to global trade?
Soybeans are the most valuable agricultural commodity traded on US exchanges because they supply both animal feed and vegetable oil. They are crushed into soymeal for livestock and soybean oil for food and biofuels.
- Benchmark: CBOT soybean futures (ZS)
- Largest producers: Brazil, United States
- What moves it: harvest estimates, China’s import demand, US and China trade relations
7. Corn: where does most of it go?
Corn is the world’s most widely produced grain by volume, and most of it is used for animal feed and ethanol rather than direct human consumption.
- Benchmark: CBOT corn futures (ZC)
- What moves it: US weather, USDA crop reports, ethanol demand
8. Wheat: why is it so sensitive to geopolitics?
Wheat is sensitive to geopolitics because a large share of global exports comes from Russia and Ukraine, so events in the Black Sea region can move prices worldwide.
- Benchmarks: CBOT wheat (ZW), Euronext milling wheat
- What moves it: Black Sea supply, weather in major growing regions, export restrictions
9. Coffee: what are Arabica and Robusta?
Coffee is the most traded soft commodity and comes in two main varieties: Arabica, traded in New York, and Robusta, traded in London. Brazil and Vietnam supply much of the world’s crop.
- What moves it: frost and drought in Brazil, Vietnamese harvests, shipping costs
Explore coffee stocks and our wider soft commodities trading guide.
10. Sugar: how is it linked to oil prices?
Sugar is linked to oil because Brazilian mills can switch between producing sugar and ethanol depending on which pays more. When oil prices rise, ethanol becomes more attractive, which can reduce sugar supply.
- Benchmark: ICE Sugar No. 11
- Largest producers: Brazil, India
- What moves it: monsoon rains in India, Brazilian crush data, ethanol policy
What drives prices across the most traded commodities?
Commodity prices are driven mainly by supply shocks, weather, the US dollar, interest rates, economic growth and inventory data. Because supply often cannot adjust quickly, small changes in expected demand or output can cause large price swings.
| Driver | Most affected commodities | How it works |
|---|---|---|
| Supply shocks | Oil, gas, wheat, copper | Wars, sanctions and outages remove supply suddenly |
| Weather | Gas, corn, wheat, coffee, sugar | Droughts, frosts and temperature shifts change output and demand |
| US dollar | Gold, oil, metals | Most commodities are priced in dollars, so a stronger dollar can weigh on prices |
| Interest rates | Gold, silver | Lower rates reduce the cost of holding non-yielding assets |
| Economic growth | Copper, oil | Industrial demand rises and falls with manufacturing activity |
| Data releases | All | Oil inventories, USDA reports and LME stock data move markets |
Many traders build a commodity trading strategy around one or two of these drivers rather than trying to follow them all.
What are the top 10 commodity trading companies in the world?
The top 10 commodity trading companies in the world are Vitol, Trafigura, Glencore, Mercuria, Gunvor, Cargill, Archer Daniels Midland (ADM), Bunge, Louis Dreyfus Company and Koch Industries. These firms buy, store, ship and sell physical commodities on a global scale, and several are among the largest companies on earth by revenue.
| Rank | Company | Headquarters | Core focus | Latest reported figures |
|---|---|---|---|---|
| 1 | Vitol Group | Rotterdam / Geneva | Oil, gas, power | 2025 revenue US$343bn; net profit around US$4.5bn |
| 2 | Trafigura Group | Singapore | Oil, metals | Profit US$2.7bn (year to September 2025) |
| 3 | Glencore plc | Baar, Switzerland | Metals, mining, energy | Revenue estimated US$218bn to US$230bn (FY2024) |
| 4 | Mercuria Energy Group | Geneva | Energy, metals | Net income US$1.43bn (2025) |
| 5 | Gunvor Group | Geneva | Oil, LNG | Net income US$104m (2025) |
| 6 | Cargill | Minnesota, US | Agriculture, food | Revenue US$164bn (FY2026) |
| 7 | Archer Daniels Midland | Chicago, US | Grains, oilseeds | Publicly listed (NYSE) |
| 8 | Bunge Global | St Louis, US | Oilseeds, grains | Publicly listed (NYSE) |
| 9 | Louis Dreyfus Company | Rotterdam | Grains, coffee, cotton | Privately owned |
| 10 | Koch Industries | Kansas, US | Energy, chemicals | Privately owned |
Ranking based on the Spherical Insights list of leading commodity trading services companies, with financial figures from the latest reported results. Profit figures for Vitol, Trafigura, Mercuria and Gunvor are from Reuters.
Who are the biggest energy traders?
The four largest independent energy traders are Vitol, Trafigura, Mercuria and Gunvor, often called the “big four”.
- Vitol is the world’s largest independent energy trader. It reported 2025 revenue up 3.6% to US$343 billion and traded 11% more oil and energy products than in 2024. Its profit of around US$4.5 billion was below the exceptional 2022 to 2024 period but still among its strongest years.
- Trafigura combines energy trading with one of the world’s largest metals businesses. It earned US$2.7 billion in the year to September 2025, then US$4.1 billion between October 2025 and March 2026 as volatility returned.
- Mercuria and Gunvor, both in Geneva, had a quieter 2025. Reuters reported Mercuria’s income at US$1.43 billion and Gunvor’s at US$104 million, as most trading houses described the year as calmer and more challenging.
What makes Glencore different?
Glencore is different because it combines large-scale mining with global commodity marketing and trading. It produces, transports and trades metals, minerals, energy and agricultural products, and its copper, cobalt and zinc operations make it a key player in energy-transition metals.
Who are the ABCD agricultural traders?
The ABCD traders are ADM, Bunge, Cargill and Louis Dreyfus, the four companies that have long dominated global grain and oilseed trading.
- Cargill is the largest privately held company in the US, with fiscal 2026 revenue of around US$164 billion.
- ADM, founded in 1902, processes and trades corn, soybeans and wheat and is a major ethanol producer.
- Bunge, dating back to 1818, is one of the world’s leading oilseed processors.
- Louis Dreyfus Company, founded in 1851, trades grains, coffee, cotton, sugar and rice.
Why is Koch Industries on the list?
Koch Industries is on the list because it runs a significant supply and trading business alongside its refining, chemicals and fertiliser operations. It shows how large industrial groups often trade commodities as well as produce them.
Other notable names include Japanese trading houses such as Mitsubishi, Marubeni, Sumitomo and Itochu, as well as Freepoint, Castleton, Hartree and the trading arms of BP and Shell.
How do commodity trading companies make money?
Commodity trading companies make money mainly by moving physical goods across geography and time, not just by betting on prices. Their main profit sources include:
- Geographic arbitrage: buying where a commodity is cheap and selling where it is more expensive
- Time arbitrage: storing commodities when future prices are higher than today’s
- Blending and processing: turning raw inputs into higher-value products
- Logistics: owning ships, terminals and storage that competitors pay to use
- Risk management: hedging with futures and swaps to protect margins
This explains why their profits rise in volatile years. Larger price gaps between regions and periods create more opportunities, which is why 2022 to 2024 were record years and 2025 was calmer.
Commodity trading houses vs retail traders: what is the difference?
The main difference is that trading houses handle physical commodities, while retail traders usually trade price movements only.
| Commodity trading houses | Retail CFD traders | |
|---|---|---|
| Own the physical asset? | Yes, often in large volumes | No, trade price movement only |
| Main tools | Physical contracts, futures, swaps, logistics | CFDs, sometimes futures or ETFs |
| Typical goal | Supply chain margins, arbitrage, hedging | Price speculation or portfolio hedging |
| Capital required | Billions of dollars | Can start with a small account |
How can retail traders trade the most traded commodities?
Retail traders can access the most traded commodities through futures, ETFs, company shares or contracts for difference (CFDs). CFDs are a popular route because they allow long or short positions with flexible sizes.
Ways to gain exposure:
- Futures contracts: standardised exchange contracts, often large in size
- Commodity ETFs: funds that track a price or index, such as those covered in our oil ETF guide and precious metals ETF guide
- Shares: stocks in producers, miners or listed trading houses
- CFDs: contracts that track the underlying commodity price
When you trade a commodity CFD, you trade the price movement without owning the asset itself. Brokers such as VT Markets offer CFDs across energies, precious metals and soft commodities.
How to get started with commodity CFDs in five steps:
- Learn the basics. Read what a CFD is and how margin works.
- Choose your market. Start with one commodity group, such as energies or precious metals.
- Understand the drivers. Follow the data releases and events that move your chosen commodity.
- Practise first. Use a demo account to test your approach without financial risk.
- Set a risk plan. Decide your position size, stop loss and take profit levels before trading.
Our 2026 commodity trading guide covers futures and other approaches in more depth.
What precautions should you take before trading commodities?
Before trading commodities, take note of leverage, sharp price moves, overnight costs and the protections on your account. These reminders help you manage your exposure:
- Take note of leverage. CFDs are leveraged, so a small price move can have a large effect on your account in either direction. Learn how CFD leverage works.
- Expect sharp moves. As oil and gold showed in 2026, commodities can move several per cent in a day on geopolitical news.
- Use protective orders. Setting a stop loss and take profit is a practical precaution.
- Check overnight costs. Holding CFD positions overnight may incur financing charges. See our guide to rollover fees.
- Understand account protections. Check whether your account includes negative balance protection.
- Have a plan. A structured approach to risk management and, where relevant, hedging helps you stay disciplined.
Past performance is not a reliable indicator of future results, and nothing in this article is a recommendation to buy or sell any commodity.
Glossary of commodity trading terms
- Benchmark: a reference price used to value a commodity, such as Brent for crude oil.
- CFD (contract for difference): a contract that lets you trade a price movement without owning the underlying asset.
- Futures contract: an agreement to buy or sell a set quantity of a commodity at a fixed price on a future date.
- Open interest: the total number of outstanding futures or options contracts that have not been closed.
- Leverage: using a smaller deposit to control a larger position, which magnifies gains and losses.
- Arbitrage: profiting from price differences between locations, times or related products.
- Safe-haven asset: an asset, such as gold, that traders often buy during periods of uncertainty.
- Softs: agricultural commodities that are grown rather than mined, such as coffee, sugar and cocoa.
Frequently asked questions
What is the most traded commodity in the world?
Crude oil is the most traded commodity in the world by value. Brent and WTI futures are among the most liquid commodity contracts globally, and oil prices influence inflation, currencies and stock markets.
Which are the top 10 commodity trading companies in the world?
The top 10 commodity trading companies are Vitol, Trafigura, Glencore, Mercuria, Gunvor, Cargill, ADM, Bunge, Louis Dreyfus and Koch Industries. Most specialise in either energy and metals or agricultural goods, and many are privately owned.
Why are commodity prices so volatile?
Commodity prices are volatile because they react to supply disruptions, weather, interest rates, the US dollar and geopolitical events. Supply often cannot adjust quickly, so small changes in expected demand or output can cause large price swings.
Can beginners trade commodities?
Yes, beginners can trade commodities through CFDs, ETFs or shares, often with a small starting balance. A practical first step is to practise on a demo account and learn about leverage, stop losses and position sizing before trading with real funds.
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This article is for educational purposes only. It is not investment advice or a recommendation about any particular investment, and it is not tailored to any particular purpose or personal circumstances.
