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Ronly closes iron ore, coal, freight derivatives trading desk

January 30, 2012 - 17:15 GMT Location: London

KEYWORDS: Europe , EU , UK , Ronly , iron ore , coal , freight , longs , flats

Trading house Ronly has shut its iron ore, coal and freight derivatives trading desk to concentrate on other business areas, including physical steel and steel raw materials trading in Asia, a spokesman from the company told Metal Bulletin on Monday January 30.

Ronly’s two London-based iron ore, coal and freight derivatives traders have left the company, one being former Citigroup dry bulk freight strategist Plamen Natzkoff. “The company decided to stop prop trading of iron ore, coal and freight derivatives for the time being,” the spokesman said. “Ronly still trades base metal...

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Comment & analysis

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Seven days is a long time in the investment world, but last week must have felt longer than most.
COMMENT: When super-cycle poster child BHP Billiton trims its plans...

BHP Billiton is one of the poster children for the commodities super-cycle: a mining company whose immense upstream assets in copper and iron ore have fed the industrialisation of China since the early years of the 21st century and enabled it to return $52 billion to shareholders between 2001 and 2011.
LORD COPPER: There is nothing to fear after JP Morgan loss ...

So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.