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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

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

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

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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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

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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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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FINANCIAL CRISES AND COMMODITY MARKETS 27 -37 A. Financial crises in major developing countries and impacts on the commodity sector 27 -30 B. Comparison with the 1980s 31 -32 C. Devaluations, commodity trade and transmission of crises 33 -34 D. Links between financial and commodity markets 35 -37 V. MARKET STRUCTURES AND THE COMMODITY ECONOMY 38 -51 A. The international level 40 -43 B. Commodity-exporting …
Date: 16 Jul 1999 Size: 94KB

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

Geneva, 21–22 April 2016 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 Note by the UNCTAD secretariat Executive summary This paper reviews recent developments in key commodity markets and analyses the factors that contributed to fluctuations in commodities prices in 2015 …
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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 …
Size: 168KB

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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New York and Geneva, 2017UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENTFOOD AND AGRICULTURE ORGANIZATION OF THE UNITED NATIONSCommodities and Development Report 2017Commodity Markets, Economic Growth and Developmentii Commodities and Development Report 2017: Commodity Markets, Economic Growth and Development ISBN 978-92-1-112907-6 eISBN 978-92-1-060093-4 ISSN 2519-8580 ISBN 978-92-5-109969-8 (FAO …
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term supply levels 4. In addition to the fundamental factors explained above, the growing participation of financial investors in commodity markets has been intensely debated as a factor driving price volatility during the recent boom and bust in commodity markets … Accordingly, index investors provide little fundamental information to the market that would impact physical markets and, in turn, …
Date: 02 Feb 2011 Size: 166KB

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

in Goods and Services, and Commodities REPORT OF THE EXPERT MEETING TO EXAMINE THE EFFECTIVENESS AND USEFULNESS FOR COMMODITY-DEPENDENT COUNTRIES OF NEW TOOLS IN COMMODITY MARKETS: RISK MANAGEMENT AND COLLATERALIZED FINANCE Held at the Palais des Nations, Geneva, from 4 to 6 May 1998 CONTENTS Page … 3. The Expert Meeting agreed on the need for a comprehensive approach to enhance the understanding and use of commodity price risk management and collateralized finance …
Date: 17 Jun 1998 Size: 43KB

1 2. Recent trends in primary commodity markets … 47iv Page Chapter II The Financialization of Commodity Markets … 53 B. The growing interdependence of financial and commodity markets … 59 D. The impact of financialization on commodity price developments … 66 1. Commodity prices, equity indexes and exchange rates … 72 E. The implications of increased financial investor activities for commercial users of commodity futures exchanges … 113 B. The problem of the predominance of financial markets over fundamentals …
Date: 09 Jul 2009 Size: 3MB

the fact that prices increased and subsequently declined across all major categories of commodities, suggests that, beyond the specific functioning of commodity markets, broader macroeconomic and financial factors Chapter II The Financialization of Commodity Markets A. Introduction54 Trade and Development Report, 2009 that operate across a large number of markets need to be considered to fully understand recent commodity price developments …
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In the past decade, the rapid development of information and communications technologies (ICTs), expansion of global value chains, rise of South-South cooperation and, most recently, progress in multilateral trade negotiations, as illustrated by the … I. Volatility in global commodity markets and policy actions to mitigate its effect on global food security and economic welfare A. Volatility in global commodity markets 5. The issue of volatility in commodity markets is not new …
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