Hong Kong trading house Noble Group Holdings will close its base metals and rare earths trading desks as part of widespread board-mandated staffing cuts, informed sources told Fastmarkets.
Noble's board is said to have agreed on a directive for a major cut to headcount across the business, with traders informed that they would be let go on Monday and Tuesday this week. "They are blaming Covid-19 but the underlying issue is the businesses are just not performing," a source, who requested anonymity because the matters are private, said. Alumina and aluminium trading will continue as the company owns a...