Morgan Stanley said its commodity results fell in the fourth quarter from a year earlier, and trading risks for the sector were also lower.
"Commodities results declined meaningfully in a challenging market," the bank said.
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Morgan Stanley's Value-at-Risk (VaR) in commodities stood at $22 million in the fourth quarter, unchanged from the previous three months but down from $26 million in the 2011 fourth quarter.
(Reporting By Barani Krishnan)