Against a backdrop of increased regulatory scrutiny, lower revenues and higher capital charges, the withdrawal of many banks from commodities has had a withering impact on the base metals market. Firms such as Barclays and Deutsche Bank, once seen as formidable market-makers, have left the market, choosing to focus more narrowly on precious metals instead. That has created opportunities for banks that remain committed, including Societe Generale Corporate & Investment Banking (SG CIB).

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