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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

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

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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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

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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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

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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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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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

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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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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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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in Goods and Services, and Commodities, Third Session Expert Meeting to Examine the Effectiveness and Usefulness for Commodity-Dependent Countries of New Tools in Commodity Markets: Risk … and Collateralized Finance Geneva, 4 May 1998 Item 3 of the provisional agenda EXAMINATION OF THE EFFECTIVENESS AND USEFULNESS FOR COMMODITYDEPENDENT COUNTRIES OF NEW TOOLS IN COMMODITY MARKETS: RISK MANAGEMENT AND COLLATERALIZED FINANCE Report by the UNCTAD secretariat CONTENTS Paragraphs Introduction …
Date: 24 Mar 1998 Size: 129KB

Also, the rising commodity prices in 2010 and 2011 made the EU governments and G20 countries look more deeply into the role of speculation in the commodity derivatives markets … It has allowed the financial industry to deny that commodity derivatives have played a role in higher and volatile prices of commodities and to made governments reluctant to quickly and strongly regulate the derivatives markets
Date: 22 Jun 2011 Size: 41KB

B. Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable development (Agenda item 3) Overview 2. The discussion was underscored by the UNCTAD secretariat’s background document, entitled “Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable development” (TD/B/C.I/MEM.2/29 …
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on Trade in Goods and Services, and Commodities Expert Meeting to Examine the Effectiveness and Usefulness for Commodity-dependent Countries of New Tools in Commodity Markets: Risk Management and Collateralized Finance Geneva, 4-6 May 1998 Agenda item 3 EXAMINATION OF THE EFFECTIVENESS AND USEFULNESS FOR COMMODITY-DEPENDENT COUNTRIES OF NEW TOOLS IN COMMODITY MARKETS: RISK MANAGEMENT AND COLLATERALIZED FINANCE Agreed recommendations 1. The experts agreed that there was a clear link …
Date: 05 Jul 2000 Size: 21KB