April 3, 2017 / 12:50 AM / 7 months ago

Commodities trader Statdrome sets up in Singapore

MELBOURNE, April 3 (Reuters) - Statdrome PTE, a metals and energy trading company backed by ex-Trafigura and Marc Rich traders, has set up in the Asian commodity trading hub of Singapore, the company said.

Statdrome was incorporated in Singapore in January and is building out its commodity business.

“Statdrome will be focused on non-ferrous metal trading with a particular interest on concentrates,” the company told Reuters in a statement last week.

Statdrome was founded by investor David Preiskel and a group of former Trafigura, Marc Rich and Marubeni Hitochu non-ferrous and oil traders, another addition to the flurry of new metals desks that have sprung up in the past two years.

At least half a dozen companies last year won mandates to expand their metals businesses, backed by Chinese and private capital, often set up by traders who had left large merchants.

Statdrome last month signed an offtake agreement with Australian-listed Alara Resources for 35,000 tonnes of copper concentrate from its Al Hadeetha Project in Oman.

It already has partnerships with Omani-owned oil trader Trescorp and engineering and mining service provider Rimal, it said in the statement. (Reporting by Melanie Burton; Editing by Joseph Radford)

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