There is no doubt that 2012 can be considered as a year of transition for the majority of participants in the global commodities landscape. This has been illustrated no better than by the dramatic changes in the banking space that have threatened to reverse the exciting growth in the sector over the past few decades. These changes involved the wind down of whole commodity businesses at some of the smaller players in the market, particularly several European banks including Credit Agricole and BBVA. There was also a succession of senior departures at some of the industry’s dominant figures leading to question marks about the long-term commitment of firms such as Goldman Sachs and Morgan Stanley to the market as a whole, with rumours of both either closing down or selling off parts of the businesses.
