BNP Paribas is set to recruit 20 people globally for commodities before the end of the year in its first steps to grow the division since Amine Belhadj took over as global head of the team in March.

Speaking in an interview with Bloomberg, Belhadj said: "Our objectives for commodities are not reasoned by short-term movements in the markets. We don't think it's too late to get involved as commodities are an area that cannot be ignored."