Exclusive-Japan's Mitsui prepares a comeback to precious metals trading, sources say [Yahoo! Finance Canada]
MITSUI & CO LTD ADR (MITSY)
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Source: Yahoo! Finance Canada
By Polina Devitt LONDON (Reuters) - Japan's Mitsui & Co plans to re-enter global precious metals trading to hedge client risk after a nine-year absence, three sources with knowledge of the matter told Reuters. Mitsui's comeback will bring extra liquidity to the global precious metals derivatives trade, replacing those who left the sector. The company, one of Japan's top trading houses, is also getting back into precious metals in the midst of a blistering rally which has seen gold prices soar almost 30% to hit successive record highs. Mitsui is looking for someone to head its re-entry, one of the sources said. It is expected to return to the market via Mitsui's subsidiary, Mitsui Bussan Commodities Ltd, from London, the source added. Responding to a Reuters' request for comment, Mitsui said that Mitsui Bussan Commodities "is exploring opportunities to provide price risk management services within the precious metals industry". "This initiative aligns with Mitsui Bussan
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