Metals trading takes place within physical markets, involving the actual delivery of metal, and derivative markets, where contracts representing the metals are traded. This market caters to a broad spectrum of participants, including producers, consumers, speculators, and investors. Producers utilize metals trading to fix prices for their output and manage price risks, while consumers utilize these markets to secure future supplies at predetermined prices, ensuring cost stability. Simultaneously, speculators and investors engage in metals trading to capitalize on price fluctuations and preserve value.