Wednesday, October 31, 2012

UBS to Exit Trading in Major Commodities

From BusinessWeek:

UBS Said to Plan Closing Oil, Base Metals, Agriculture Trading
UBS AG (UBSN) plans to close its oil, base metals and agriculture trading desks as Switzerland’s biggest lender shrinks its investment bank, according to a person with direct knowledge of the decision. 

The bank plans to keep its index-investor products and precious-metals trading, said the person, who asked not to be identified because the details are private. UBS declined to comment...MORE
Related:
Climateer Line of the Day: Bailing on Commodities Edition
The Death of Commodities
"CalPERS fails to make money in commodities: John Kemp"

And from 11 mnths ago:
"Phase Shift" - JP Morgan Downgrades All Commodities To "Sell"