Argentina tripled lithium carbonate production capacity in last two years
Argentina, the world's No. 4 lithium producer, has four projects in production.
Citi isn’t expanding into trading physical commodities.
Citigroup Inc. (NYSE:C) has expanded its presence in in the commodities business by buying out Deutsche Bank AG ’s metals- and energy-trading books, Reuters reports.
While Citi isn’t expanding into trading physical commodities, its acquisition of Deutsche’s metals-, power- and oil-trading books will allow it to expand hedging services it provides to its clients in the commodities sector.
Deutsche is also rumoured to have sold long-term trading contracts and stockpiles of low-grade uranium to Australian investment bank Macquarie Group, valued at the end of last year at around $200 million.
The German bank became the latest financial institution to unload its commodity division, as thin margins, tough regulations and worries about reputation have made trading commodities a source of worries for bank bosses.
Barclays, one of the biggest in the business, followed JPMorgan Chase (NYSE:JPM), heading for the exit in April. Before them, South Africa’s Standard Bank sold its commodities unit in London to Industrial and Commercial Bank of China in January. And Morgan Stanley sold its physical oil-trading division to Rosneft, a Russian oil giant, in December last year, just as Deutsche Bank said it would stop trading most raw materials.
Image by mattbuck | WikiMedia Commons.
Comments
Ivan Fed
Oh, good! Another, to big to fail bank, will try to make money. the easy way by letting the Federal Reserve bail them out again after they fail. Insanity is doing it over again and expecting another result. The smart bankers are getting out of commodity plays, and shoring up their assets. But no, Citigroup, says it will try another great venture with their incredible ethic standards. Who is call this shot, Mr. Putin is looking for a deal like this. Insane in the brain.