Risk and Energy Risk commodity rankings 2012: metals

In an environment of uncertainty for both prices and regulations, Société Générale retains pole position in base metals, while UBS takes first place in precious metals. By Peter Madigan

The metals market may account for a relatively small slice of global derivatives volumes, but the uncertainty it faces is no less intense than that affecting other asset classes. Gold and silver had a volatile 2011, heightened sensitivity to counterparty risk is changing collateralisation practices, and new capital rules are restricting the ability of banks to transact large, long-dated trades. In the US, incoming rules on position limits may also make the latter more difficult.

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