I sometimes mentor young people seeking a career in commodity trading, often giving them practice interviews. I thought it might be of interest to share a recent conversation with Axel de la Roche, who, at 22, is just finishing his finance studies at Leavey School of Business at Santa Clara University and is seeking a career in commodities. I hope it helps and inspires other young people considering a career in the sector.
JK. Good morning, Axel, and welcome to Commodity Conversations. Please tell me about your studies, your rowing, and why you want to pursue a career in commodity trading.
AR. I chose finance because I knew I wanted to engage with markets and understand how they work, even though I did not have a clear career path when I entered university. Within the business school, finance felt like the most all‑encompassing route, combining exposure to markets and current events with quantitative skills that many students otherwise learn outside the classroom.
Over time, my electives have become more focused on international finance and derivatives; I have taken courses in options and futures trading, as well as in international finance, covering topics such as currency swaps.
Markets fascinate me, as do the logistics and systems that underpin international trade in physical commodities.
I read “The World for Sale” by Javier Blas and Jack Farchy, which proved to be an excellent introduction to the industry. I also read “The King of Oil” by Daniel Ammann, which I found both fascinating and enjoyable. Together, the two books encouraged me to pursue a career in physical commodity trading.
JK. You are at a university in California, where we mostly hear about tech billionaires and the money in tech. Why do you want to go into commodities rather than tech?
AR. Tech feels impersonal to me, with weaker relationship‑building than in commodities. Commodities remain a relationship business at scale; technology plays a major role, but success still hinges on the ability to build and manage relationships and to operate within a comprehensive ecosystem that spans shipping, finance, geopolitics, and even weather.
In tech, you might be hyper‑focused on a small part of a company’s product, whereas in commodities, you work across logistics, markets, risk, and counterparties, which I find far more engaging.
JK. What position are you aiming for? Are you looking to be an operator, a trader, or in finance?
AR. My goal is to become a physical commodities trader running my own book, but I recognise this is not realistic from day one. I want to start at the operational level, learn logistics in detail, then work my way through different parts of a trading house—operations, middle office, finance—before moving into trading. My aim is to build a comprehensive understanding of the business, because from what I have seen, it is impossible to “just jump in” as a trader without years of experience.
JK. Which commodities interest you?
AR. I am particularly interested in soft commodities, especially agricultural products, which is why I reached out to you. I am also interested in metals. Agricultural products are essential because people will always need to eat; they remain fundamental to the world economy. Metals are fascinating because they underpin technological progress—whether in batteries, phones, or other devices—yet many people overlook how central metals and mining are to those innovations.
JK. Do you follow the financial markets or invest in them?
AR. Yes, I manage my own equity portfolio and closely follow financial markets. I have a student subscription to the Financial Times and set alerts for major commodities, key geopolitical developments, and financial markets. This helps me stay informed.
JK. Why should a trading house give you a job rather than someone else?
AR. First, I am good with people; I build rapport quickly, empathise well, and form strong relationships, which is crucial in a relationship‑driven business.
Second, my rowing career, as a full-time Division 1 student-athlete, has hardwired me to compete and endure long, demanding hours in addition to challenging coursework. I am used to pushing through difficult, repetitive, or “boring” work and keeping my head down when things are tough.
Third, I bring an international background: I was born and raised in the United States, but my father is Colombian, and my mother is Swedish. I have travelled extensively and worked in developing countries. Commodities are inherently global, and I am excited, not afraid, to be “out in the bush” at the raw-materials production level, which I see as a core appeal of the business.
JK. There has been debate about whether top‑class athletes make better traders, especially in team sports. To what extent is rowing a team sport?
AR. I see rowing as the ultimate team sport and as highly applicable to real life and any job. You take eight individuals and have to make them move as one, which is especially difficult under extreme physical stress and requires letting go of ego, understanding others, and committing to a goal larger than yourself. If one person makes a mistake, it affects everyone equally, regardless of how well others are doing.
At the same time, rowing is intensely competitive and data‑driven: ergometer tests provide precise, empirical comparisons of performance within the team, fostering constant internal competition for boat positions while still demanding that we come together around shared goals.
Rowing is the best thing that has ever happened to me. I did not expect to row in high school and initially disliked the sport, but embracing it opened doors to Santa Clara University, brought me to California, and allowed me to see a new part of the United States.
It has also taught me a great deal about myself: how to be a good teammate, which qualities hold people back, and how to address my own weaknesses, including work ethic and time management.
Balancing rowing with academics early at university forced me to prioritise—putting rowing and academics first and accepting that I could not simply go out and party all the time—which has been invaluable.
JK. What are you looking for in an employer—something structured and large, or a smaller company with a more opportunistic career path?
AR. At the beginning of my career, I think a large, structured employer would suit me well, as it would offer a clear framework and training.
JK. Now it is your turn to ask me questions.
AR. My first question is: from your vantage point, where do you see commodities heading in terms of technological adoption? While there have been many technological improvements, the physical trading of goods still seems, from my perspective, to operate within systems that have not fundamentally changed in 30‑plus years. Do you think we are close to a significant shift, or will physical trading continue to function much as it does now?
JK: I believe the physical commodity trade will remain relationship- and trust-based, with platforms struggling because people prefer to know their counterparties. Technology will play a more important role in documentary processes, trade finance, payment rails, and tokenisation. It will also play a role in traceability. There have been numerous attempts to build trading platforms, but the core act of trading still depends on human relationships and trust between counterparties.
AR. What are the biggest dangers young people face when entering the business—whether it is naivety, overconfidence about career progression, or something else?
JK. Historically, physical commodity trading was male-dominated and testosterone-driven, with some bullying, but that has improved. There are still not enough female traders, though that will take time to change.
Naivety shouldn’t be a problem if you have done the research to understand what the career involves and are confident it is for you.
Overconfidence is something to be mindful of, especially if you have a good university background, but trading is a humbling occupation. Rowing is a humbling occupation, too!
AR. Given my interests in energy, metals, and agricultural products, do you see significant differences in risk and logistics across these sectors, or are their supply chains fundamentally similar from a trader’s perspective?
JK. Metals and energy are flow commodities, whereas agricultural commodities are seasonal, with only one or two harvests a year. I recently spoke with Doug King, who has a strong preference for flow commodities. You should check out his interview.
Metals and most traditional energy sources are also largely extracted commodities, often with complex political and risk dynamics at the source.
AR. What one thing do you advise me to do to increase my chances of finding a commodity-trading job?
JK. Ask yourself seriously if commodity trading is for you.
To help answer that, learn as much as possible about the sector. Listen to the StrongSource podcast – not just the most recent one, but all of them.
The same applies to the HC Commodities Podcast for a more holistic coverage and a wider range of commodities.
Subscribe to my blog (for free) and read my books. And, if you are interested in sugar, listen to my daughter’s ECRUU podcasts.
Subscribe (for free) to my blogs and read (cheaply on Kindle) all my books.
Follow Samuel Basi on LinkedIn and read his recent book, “The Physical Trade.” To learn more about the extractive commodities, I recommend “The Material World” by Ed Conway.
Oh, and make sure you read Reminiscences of a Stock Operator by Edwin Lefevre about the legendary Jesse Livermore.
If your research leaves you wanting to know more, then commodity trading is for you!
But that’s enough questions. I have one last one for you: What should trade houses do to attract more and better candidates?
AR. From my experience, information about opportunities in commodity trading is often closely guarded or difficult to access. It often takes substantial research to find roles and understand how to enter the business, even though opportunities do exist.
I do not think firms should advertise as broadly as large banks do through mass recruitment, but greater visibility into what they are seeking and clearer entry paths for young people would be very helpful. That would still ensure they attract motivated candidates who have done their homework, while making the industry slightly less opaque to outsiders.
JK. Good answer. Thank you, Axel, for agreeing to let me publish this conversation, and I wish you every success in your future career.
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