TIMES ARE CHANGING in the commodities business. It was once the case, for example, that only one or two global banks were known for their ability to trade in physical commodities. These were Morgan Stanley and, later, Goldman Sachs. If other banks did get involved in the commodities market, most of the time it was through futures and options. The logistical side of the commodities business was left to specialized commodities trading firms and big oil companies such as BP and Shell.
Banks such as Barclays Capital, Deutsche Bank and JPMorgan were previously only known for their capacity in the non-physical commodities market.
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