Mitsui to shut precious metals business in London, New York
By GCRU Gold News on Monday, October 12 2015, 23:59 - Permalink
Mitsui will close its precious metals businesses in London and New York at the end of this year, two sources familiar with the situation said, owing to sliding commodity prices and more stringent regulation.
Mitsui to shut precious metals business in London, New York
Mitsui, which started trading precious metals in 1970, is the latest to join a retreat by banks and brokers from some commodity markets as profits and prices tumble on concern about slowing Chinese economic growth.
The trading house also participates in the twice-daily auction setting the London silver benchmark run by the Chicago Mercantile Exchange and Thomson Reuters. Its withdrawal would leave five banks to set the price.
Last month, Mitsui was included by Switzerland's competition authority WEKO on a list of banks being investigated for possible collusion over the pricing of precious metals.