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Mitsui to Shutter Precious Metals Businesses in London, New York
Oct. 12, 2015 04:53PM PST
Precious MetalsReuters reported that according to sources familiar with the situation, Mitsui & Co. Ltd. (TSE:8031) will close its precious metals businesses in both London and New York at the end of 2015.
Reuters reported that according to sources familiar with the situation, Mitsui & Co. Ltd. (TSE:8031) will close its precious metals businesses in both London and New York at the end of 2015. The firm is reportedly doing so due to poor commodities prices and “more stringent regulation.”
Mitsui declined to give a comment to Reuters.
As quoted in the market news:
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.
Mitsui & Co. Precious Metals Inc, a wholly-owned subsidiary of Mitsui & Co incorporated in the United States, has a team of approximately 50 trading gold, silver, platinum, palladium, rhodium, ruthenium and iridium from offices in Hong Kong, London and New York.
The sources did not know how many jobs would be affected across trading, sales and research.
