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 Commodities’ commitment to expand the portfolio in key markets and offer clients more diverse solutions,” Mitsui added.
It did not provide further detail.
Mitsui Bussan Commodities currently trades energy and base metals derivatives for clients looking to hedge price risks, from its offices in London, New York, Singapore and Paris.
Sources said this year’s surge in precious metals prices sparked its interest.
Spot gold prices are up 28% so far this year, heading for the biggest annual gain in 14 years, due to the start of U.S. interest rate cuts and safe-haven demand spurred by hostilities in the Middle East and other conflicts. Spot silver prices are up 31% since the start of 2024.
The most important gold trading centres are the London over-the-counter market and the U.S. futures market.
Sign up here.
Reporting by Polina Devitt; editing by Veronica Brown and Emelia Sithole-Matarise
Our Standards: The Thomson Reuters Trust Principles.
