Storage And Commodity Markets
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Author | : Jeffrey C. Williams |
Publisher | : Cambridge University Press |
Total Pages | : 522 |
Release | : 1991-03-29 |
Genre | : Business & Economics |
ISBN | : 0521326168 |
This book deals with the capability to store surplus commodities and the impact of stockpiles on prices and production.
Author | : William Owen Smith |
Publisher | : |
Total Pages | : |
Release | : 2013 |
Genre | : |
ISBN | : |
For most of the 20th century commodity prices fell in real terms. Prices of metals, energy and food became so low that they were almost irrelevant to developed world consumers. Since 2003 prices have risen sharply, and have become so high they have been blamed for recessions, civil unrest and even revolutions. Although increased speculation in commodity markets has probably played a role, the fundamental factors of supply and demand continue to form the most important determinant of commodity prices. Price rises have been caused by 'scarcity' caused by rapid demand growth from newly affluent consumers in the developing world, meeting a supply that has struggled to respond. Understanding current and future scarcity in commodities therefore helps us predict and warn of further price spikes. This thesis studies all three major commodity groups, examining existing ways to measure scarcity and proposing new ones. Firstly we study the base (industrial) metals. We examine the 'theory of storage', which explains price and price volatility in terms of the quantity stored in inventory, a key measure of scarcity. Secondly we study energy markets. Electricity cannot be stored, so the 'theory of storage' cannot be applied. We note an alternative measure of scarcity which allows us to apply a modified theory of storage to electricity. We also examine its applicability to another key energy commodity, crude oil. Finally we examine scarcity in the agricultural products. Here we have inventory data, providing short-term scarcity information, but unlike for energy and metals, we have no concept of reserves, being that resource known but remaining in the ground, which provides longer-term scarcity information. Instead, we propose and examine several other ways to measure scarcity.
Author | : Craig Pirrong |
Publisher | : Cambridge University Press |
Total Pages | : 238 |
Release | : 2011-10-31 |
Genre | : Business & Economics |
ISBN | : 1139501976 |
Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc.
Author | : H. Kent Baker |
Publisher | : Oxford University Press |
Total Pages | : 681 |
Release | : 2018-03-06 |
Genre | : Business & Economics |
ISBN | : 0190656026 |
Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets by describing and analyzing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. It begins with the basics of commodity markets and various investment vehicles. The book then highlights the unique risk and return profiles of commodity investments, along with the dangers from mismanaged risk practices. The book also provides important insights into recent developments, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. Readers of Commodities: Markets, Performance, and Strategies can gain an in-depth understanding about the multiple dimensions of commodity investing from experts from around the world. Commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. The authors provide insights in a range of areas, from the economics of supply and demand for individual physical commodities through the financial products used to gain exposure to commodities. The book balances useful practical advice on commodity exposure while exposing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets.
Author | : Donald F. Larson |
Publisher | : World Bank Publications |
Total Pages | : 85 |
Release | : 1991 |
Genre | : Cobre - Mercado |
ISBN | : |
Author | : Nicola Secomandi |
Publisher | : World Scientific |
Total Pages | : 258 |
Release | : 2016-11-28 |
Genre | : Business & Economics |
ISBN | : 9813149426 |
The field of real options is concerned with the management and financial valuation of operational flexibility in business endeavors. From the very outset, energy and commodity markets — which play fundamental roles in the worldwide economy — have provided a relevant context for real option analysis, both in theory and practice.This volume is a collection of six chapters covering recent research on real options in energy and commodity markets, reflecting the significance of these markets for real option analysis. The volume is divided into two parts — the first on theory and the second on methods and applications.The two chapters in the first part of the book respectively address commodity storage and the concept of convenience yield, and how the management of real options can be impacted by the trader's own market decisions in the context of commodity shipping.The four chapters in the second part of the book propose and apply real option models in various domains — modeling the evolution of futures prices of emission certificates; managing copper extraction illustrated with an application to a project at Codelco, Chile, the largest copper producer in the world; the core ideas behind real option analysis in the context of the merchant management of hydrocarbon cracking operations; and optimizing the portfolio of contracts that oil refineries use to market their gasoline production.
Author | : Soumaré, Issouf |
Publisher | : Edward Elgar Publishing |
Total Pages | : 328 |
Release | : 2022-01-18 |
Genre | : Business & Economics |
ISBN | : 1800887043 |
Commodities are basic goods used in commerce and are most often used as inputs in the production of other semi-finished or finished materials. They are very important products in our lives today and constitute non-negligible sources of income for many countries. This book serves as a guide to the marketing of these goods and provides scholars and commodity market participants with useful concepts, tools and guidelines to better organize and operate commodities exchanges.
Author | : Shiva S. Makki |
Publisher | : |
Total Pages | : 200 |
Release | : 1995 |
Genre | : |
ISBN | : |
Author | : Christophe Gouel |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Author | : L. Phlips |
Publisher | : Springer Science & Business Media |
Total Pages | : 314 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 9401133549 |
Louis Phlips The stabilisation of primary commodity prices, and the related issue of the stabilisation of export earnings of developing countries, have traditionally been studied without reference to the futures markets (that exist or could exist) for these commodities. These futures markets have in turn been s~udied in isolation. The same is true for the new developments on financial markets. Over the last few years, in particular sine the 1985 tin crisis and the October 1987 stock exchange crisis, it has become evident that there are inter actions between commodity, futures, and financial markets and that these inter actions are very important. The more so as trade on futures and financial markets has shown a spectacular increase. This volume brings together a number of recent and unpublished papers on these interactions by leading specialists (and their students). A first set of papers examines how the use of futures markets could help stabilising export earnings of developing countries and how this compares to the rather unsuccessful UNCTAD type interventions via buffer stocks, pegged prices and cartels. A second set of papers faces the fact, largely ignored in the literature, that commodity prices are determined in foreign currencies, with the result that developing countries suffer from the volatility of exchange rates of these currencies (even in cases where commodity prices are relatively stable). Financial markets are thus explicitly linked to futures and commodity markets.