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N D D E V E L O P M E N T and A r b eiterk ammer W ien Price formation in financialized commodity markets The role of information EMBARGO The contents of this Publicationmust not be quoted summarized in the print, broadcast or electronic media before 5 June 2011, 17:00 hours GMTPrice Formation in Financialized Commodity Markets: The Role of Information Study prepared by the secretariat of the United Nations Conference on Trade and Development UNITED NATIONS New York and …
Date: 06 May 2011 Size: 2MB

11 VI. ADDITIONAL INFORMATION ON COMMODITY MARKETS … 16 D. Commodity exchanges … Whatever the case may be, as expectations play a strong role in commodity price formation, the need for improved transparency and better information – not only about developments in futures markets, including over-the-counter commodity derivatives, but also in physical markets – has become widely accepted.2 This would reduce uncertainty about the evolution of the markets and help improve their functioning …
Date: 30 Jun 2011 Size: 1MB

The increasing presence of financial investors in commodity markets … increased and subsequently declined across all major categories of commodities, suggests that, beyond the specific functioning of commodity markets, broader macroeconomic and financial factors that operate across a large number of markets need to be considered to fully understand recent commodity price developments.A major new element in commodity trading is the greater importance of financial investment on commodity exchanges …
Date: 10 Jan 2009 Size: 1MB

2 Unravelling the underlying causes of price volatility in world coffee and cocoa commodity markets Noemie Eliana Maurice1 and Junior Davis2 Abstract: In recent years, Commodity Dependent Developing Countries (CDDCs) have faced multiple global food, energy and climate crises, compounded by the recent financial and economic crises, which have increased their vulnerability to excessive price volatility in commodity markets
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Greater involvement of financial investors (financialization) leads to herding and new patterns of information flows Price developments following the “great recession” have been spectacularPrices of crude oil and selected soft commodities 1980-2010 (US$)Since the beginning of the “recovery” in 2009, financialization in commodity markets has increased againAssets under management, by product, 2005-2011, US$ billion (ETP=Exchange Traded Product)Simulation results (by …
Date: 21 Jun 2011 Size: 3MB

and Development Fourth session Geneva, 25–26 January 2012 Item 3 of the provisional agenda Developments and challenges in commodity markets: current situation and outlook Recent developments in key commodity markets: trends and challenges Note by the UNCTAD secretariat Executive summary The trend in commodity prices during 2011 was driven by a strong demand for commodities in emerging Asian economies and stock replenishment … Price volatility in these markets is highly contingent on supply …
Date: 11 Sep 2011 Size: 151KB

1 UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Excessive commodity price volatility: Macroeconomic effects on growth and policy options Contribution from the UNCTAD secretariat to the G20 Commodity Markets Working Group 30 April 2012 2 Contents EXECUTIVE SUMMARY … 31 5.1 Policy options to manage commodity price volatility …………………… 31 5.1.1 Promoting market transparency and data availability – towards a Base Metals Market Information System (BAMIS … 35 Box 3 Coping with commodity-price inflation …
Date: 30 Apr 2013 Size: 298KB

REPORT, 2011 UNITED NATIONS New York and Geneva, 2011 UNCTAD/TDR/2011 Chapter V FINANCIALIZED COMMODITY MARKETS: RECENT DEVELOPMENTS AND POLICY ISSUESFinancialized Commodity Markets: Recent Developments and Policy Issues 111 Recent developments in primary commodity prices have been exceptional in many ways … Net commodity importing countries tend to experience a deterioration in their terms of trade and current account balances as a result of global price hikes …
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But with the volumes of exchange-traded derivatives on commodity markets now being 20 to 30 times larger than physical production, the influence of financial markets has systematically transformed these real markets into financial markets … Price volatility has long been a major feature of commodity markets, given the tightness in many global commodity markets and the inelasticity of demand … Commodity markets increasingly integrated with financial markets … investors in all these markets
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Speculative activities in commodity futures markets have for a long time worried many commodity producers, consumers and in particular government policy-makers.1 However, in most countries it is now fairly well accepted that speculators are the lubricant in the futures trading machinery and that the small investors, who until recently accounted for the majority of speculative business, do not have a negative influence on the validity of the futures markets’ price formation process …
Date: 21 May 1996 Size: 86KB

and Development Second session Geneva, 24–25 March 2010 Item 3 of the provisional agenda Developments and challenges in commodity markets: current situation and outlook Recent developments in key commodity markets: trends and challenges Note by the UNCTAD secretariat Executive summary The boom in most commodity markets in 2008 propelled nominal prices to historical peaks – and also in real terms for metals, minerals and crude oil – by …
Date: 01 Dec 2010 Size: 121KB

18 B. The evolution of endogeneity in commodity futures markets … 31Quantification of the High Level of Endogeneity and of Structural Regime Shifts in Commodity Markets Vladimir Filimonov,* David Bicchetti,** Nicolas Maystre** and Didier Sornette*** Abstract We propose a “reflexivity” index that quantifies the relative importance of short-term endogeneity/reflexivity for several commodity futures markets (corn, oil, soybeans, sugar, and wheat) and a benchmark equity futures market (E-mini S&P 500 …
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THE SYNCHRONIZED AND LONG-LASTING STRUCTURAL CHANGE ON COMMODITY MARKETS: EVIDENCE FROM HIGH FREQUENCY DATADavid Bicchetti and Nicolas Maystre No. 208October 2012Acknowledgements: The … The authors are also grateful for the support provided by Andrew Silva on research assistance, by Makameh Bahrami, Bridie Lewis and … 20List of figures 1 Number of trades recorded in the Thomson Reuters Tick History database by commodity, 1996–2011 …
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This overview focuses on two regulatory issues that affect commodity markets directly, aggregate limits to the numbers of contracts that can be held by one entity during a trading period (“position limits”) and proposed exemptions to ‘pushing’ Over … We have agreed to improve the regulation, functioning and transparency of financial and commodity markets to address excessive commodity price volatility … Below we summarize some of the U.S. opposition to financial and commodity market reform …
Date: 22 Jun 2011 Size: 71KB

To complicate matters, growing use of the Internet has resulted in such an abundance of unreliable news and data on commodity markets that it is time-consuming and costly to identify what is relevant and accurate … The programme is based on the following four modules: INFOCOMM – increasing commodity market transparency The INFOCOMM electronic portal provides up-to-date information in three languages – English, French and Spanish – on factors influencing commodity markets … The first tool, to be ready …
Date: 10 Jun 2005 Size: 190KB

Commodity Finance … www.unctad.org/gcf2011, fax: +41 22 917 0509 GLOBAL COMMODITIES FORUM ROOM XVII CONFERENCE PLENARIES Monday 31 January COMMODITY MARKETS AND POLICIES Main Themes: Energy, minerals and metals, and agriculture; Volatility and correlations between commodity markets; better reporting systems and the measuring of the commodity economy; Commodity policies for development 10:00–11:00 Opening session Statements by heads of international agencies on the importance …
Date: 10 Dec 2010 Size: 1MB

A/66/207 2 11-43642 Report of the secretariat of the United Nations Conference on Trade and Development on world commodity trends and prospects Summary Over the past 12 months, commodity markets have recovered from the lows of the 2008-2009 global economic and financial crises, with prices reaching record levels in 2011, in exceptionally volatile markets … 4. Growing price volatility in commodity markets has prompted collaborative global action directed towards seeking out potential solutions …
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and Development 15-16 April 2015 Geneva Policy actions for mitigating the impact of price volatility in commodities markets on global food security and increasing access to market intelligence, financial resources and markets for commodity-dependent developing countries By Samuel Gayi Head, Special Unit on Commodities UNCTAD The views expressed are those of the …
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The purpose of this report, which summarizes these and the other important trade and trade-related issues facing commodity supply-chain participants, is to help provide participants and other stakeholders with (a) a holistic picture of the evolving challenges and opportunities provided by commodity markets and (b) a range of policy measures that can be used by commodity producers to make the most of commodity production and trade … 24 Commodity trade finance in the new trading environment …
Date: 10 May 2011 Size: 1MB

Geneva, 20–21 March 2013 Item 3 of the provisional agenda Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable development Recent developments and new challenges in commodity markets, and policy options for commodity-based … The uncertainty of world economic prospects weighed heavily on commodity markets, particularly for oil, minerals, ores and metals … 3 B. Developments in key commodity sectors …
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