Commodities revenues at the major global investment banks fell to their lowest level in more than a decade during the first half of the year, a period that also proved a big challenge for FX traders.

First-half revenues from sales and trading across oil, metals, coal, agriculture and power and gas amounted to $1.3bn at the 12 large banks tracked by data provider Coalition. That total was down 41% year-on-year and the lowest for the period since Coalition began collecting data in 2006.