Morgan Stanley said on Thursday it saw lower revenue from commodities trading in the first quarter from a year before, as its risk in trading in those markets also fell.
"Fixed Income & Commodities sales and trading net revenues were $1.5 billion compared with $2.6 billion a year ago reflecting declines in commodities and rates," the Wall Street bank said.
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The decline was partly offset by higher results in securitized products and relative strength in corporate credit, it added.
Morgan Stanley also said its Value-at-Risk for trading commodities averaged $20 million per day in the three months to March 31, versus $22 million in the fourth quarter of 2012 and $27 million in the year-earlier first quarter.
(Reporting by Barani Krishnan; Editing by Gerald E. McCormick)