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Journal articles on the topic 'Commodity markets'

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Published: 4 June 2021

Last updated: 29 January 2023

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1

Bhagwat, Shree, and Angad Singh Maravi. "THE ROLE OF FORWARD MARKETS COMMISSION IN INDIAN COMMODITY MARKETS." International Journal of Research -GRANTHAALAYAH 3, no. 11 (November 30, 2015): 87–105. http://dx.doi.org/10.29121/granthaalayah.v3.i11.2015.2919.

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This paper examines the role of Forward Markets Commission (FMC) in Indian Commodity Markets. The Results show important developments of Forward Markets Commission. Commodity futures and derivatives have a crucial role to play in the price risk management process, especially in agriculture sector. The significance of commodity derivatives has increased in the current scenario. India has long history of trade in commodity derivatives. Organized commodity derivatives in India started as early as 1875, barely about a decade after they started in Chicago. Since 2003, when commodity futures’ trading was permitted, commodity futures market in India has experienced an unprecedented boom in terms of the number of modern exchanges, number of commodities allowed for derivatives trading as well as the value of futures trading in commodities. There are 6 national and 16 regional commodity exchanges recognized and regulated by the FMC. Different types of commodities such as agricultural; bullion, plantation, energy etc. is traded on commodity exchanges in the country. So considering these points an attempt has been made to know the regulatory framework of commodity futures and derivatives market in India and various developments in Indian commodity market and commodity exchanges. This study is an attempt to investigate the performance of Forward Markets Commission in India and its role in Indian commodity market.

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2

Plantier, L. Christopher. "Commodity Markets and Commodity Mutual Funds." Business Economics 48, no. 4 (October 2013): 231–45. http://dx.doi.org/10.1057/be.2013.29.

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3

Kumar, Brajesh, and Ajay Pandey. "Market efficiency in Indian commodity futures markets." Journal of Indian Business Research 5, no. 2 (May 31, 2013): 101–21. http://dx.doi.org/10.1108/17554191311320773.

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4

Liu, Qingfu, Qian Luo, Yiuman Tse, and Yuchi Xie. "The market quality of commodity futures markets." Journal of Futures Markets 40, no. 11 (April 8, 2020): 1751–66. http://dx.doi.org/10.1002/fut.22115.

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5

Agnihotri, Shalini, and Kanishk Chauhan. "Modeling tail risk in Indian commodity markets using conditional EVT-VaR and their relation to the stock market." Investment Management and Financial Innovations 19, no. 3 (July 7, 2022): 1–12. http://dx.doi.org/10.21511/imfi.19(3).2022.01.

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Investment in commodity markets in India accelerated after 2007; this was accompanied by large price variability, hence, it becomes imperative to measure commodity price risk precisely. It becomes equally important to study the relationship between commodity price variability and the stock market. Hence, this study aims to calculate the tail risk of highly traded Indian commodity futures returns using the conditional EVT-VaR method for risk measurement. Secondly, the linkage between commodity markets and the stock market is also studied using the Delta CoVaR method. Results highlight the following points. There is risk transfer from the extreme increase/decrease in crude oil futures returns to the Nifty Index returns. Both extreme price increase or decrease of crude oil futures driven either by financial or a combination of financial and economic shocks affect the stock market. Zinc and Natural gas futures are not linked to the stock market, which means they can be useful in portfolio diversification. The findings suggest that, in Indian commodity markets, EVT-VaR is a useful tool for measuring risk. Only Crude oil futures shocks affect the stock market, and extreme integration between them becomes more prominent when oil shocks are driven by financial factors. Commodities other than Crude oil are not integrated with stock markets in India.

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6

Dubey, Priti, and Rishika Shankar. "Determinants of the Commodity Futures Market Performance: An Indian Perspective." South Asia Economic Journal 21, no. 2 (September 2020): 239–57. http://dx.doi.org/10.1177/1391561420970837.

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This article aims to find out interlinkages between equity and commodity markets through the channel of investors’ outlook in the equity market. The proxies used for gauging perception of investors are investor sentiment index and Advance–Decline ratio. The study also incorporates the introduction of Commodity Transaction Tax (CTT) and occurrence of National Spot Exchange Limited (NSEL) scam in the year 2013. Additionally, returns in commodity market are examined to be a function of equity returns. The empirical findings suggest that the liquidity of commodity futures is inversely related to investor sentiments in equity market, and commodity returns are also negatively related to equity returns. Therefore, equity and commodity markets are inversely related, as liquidity in both the markets reacts to the investor sentiments; contrarily, commodity returns experience a significantly negative impact from equity returns. Additionally, the results also provide evidence that investor sentiment in equity possesses the ability to predict liquidity in the commodity futures market. The study also suggests that the CTT and NSEL scam have significantly and positively affected the liquidity of the Indian commodity market.

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7

Trabelsi, Jamel, Mohamed Mehdi Jelassi, and Gaye Del Lo. "A Volatility Analysis of Agricultural Commodity and Crude Oil Global Markets." Applied Economics and Finance 4, no. 2 (January 23, 2017): 129. http://dx.doi.org/10.11114/aef.v4i2.2086.

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The purpose of this study is to provide insights on volatility features of major agricultural commodity global markets. In order to achieve this, we estimate the volatility in the global markets of crude oil and four main agricultural commodities, namely rice, wheat, cotton and coffee over the period 1980:2014. We also investigate the nexus between the volatilities in these global markets. More precisely, we first model the volatility of agricultural commodity and crude oil markets based on the GARCH methodology. Second, we assess the risk in these global markets by the Value-at-Risk technique. Finally, we evaluate the co-movements between returns in agricultural commodity and crude oil markets by the copula methodology. Our empirical findings reveal that, unlike in the financial market, upside shocks in the agricultural market tend to increase volatility more than downside shocks do. In addition to that, risk in global agricultural commodity markets turned out to be high and little evidence in favor of interdependence between these markets is found. Moreover, the co-movement between agricultural commodity market risk and oil prices is detected for recent years only and little evidence is found for the whole sample period.

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8

Xie, Shouhong, and Hanbing Li. "Research on the Spatial Agglomeration of Commodity Trading Markets and Its Influencing Factors in China." Sustainability 14, no. 15 (August 3, 2022): 9534. http://dx.doi.org/10.3390/su14159534.

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Spatial agglomeration, as a phenomenon of commodity trading markets, reflects regional economic development in China. This study explores the spatial agglomeration of commodity trading markets and analyzes its influencing factors. Based on the panel data of 30 provinces in China from 2010 to 2019, this article first calculated the location quotient of the transaction volume of commodity trading markets and analyzed their temporal and spatial trends. Finally, a spatial econometric model was used to conduct an empirical examination of the influencing factors determining the spatial agglomeration of commodity trading markets. The results show that the agglomeration pattern of China’s commodity trading markets has changed significantly from 2010 to 2019. In terms of geographic variations, we discovered that the eastern region has a higher degree of commodity trading market concentration than the central and western regions. In terms of influencing factors, this study found that the level of economic development, the degree of openness, and the development of private industrial enterprises still positively affect the spatial agglomeration of commodity trading markets. However, the level of social consumption has no significant impact. Based on these findings, this article puts forward relevant policy recommendations to promote the further development of China’s commodity exchange market.

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9

NASTASI, EMANUELE, ANDREA PALLAVICINI, and GIULIO SARTORELLI. "SMILE MODELING IN COMMODITY MARKETS." International Journal of Theoretical and Applied Finance 23, no. 03 (May 2020): 2050019. http://dx.doi.org/10.1142/s0219024920500193.

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We present a stochastic local volatility model for derivative contracts on commodity futures able to describe forward curve and smile dynamics with a fast calibration to liquid market quotes. A parsimonious parametrization is introduced to deal with the limited number of options quoted in the market. Cleared commodity markets for futures and options are analyzed to include in the pricing framework-specific trading clauses and margining procedures. Numerical examples for calibration and pricing are provided for different commodity products.

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10

Thorenz, Andrea, Axel Tuma, and Andreas Rathgeber. "Commodity Markets und Ressourcenmanagement." Die Unternehmung 76, no. 2 (2022): 139–42. http://dx.doi.org/10.5771/0042-059x-2022-2-139.

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11

Bird, Peter J. W. N., S. Ghosh, C. L. Gilbert, and A. J. Hughes Hallett. "Stabilizing Speculative Commodity Markets." Economic Journal 98, no. 392 (September 1988): 887. http://dx.doi.org/10.2307/2233944.

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12

Gilbert, Christopher L., Jeffrey C. Williams, and Brian D. Wright. "Storage and Commodity Markets." Economic Journal 102, no. 413 (July 1992): 976. http://dx.doi.org/10.2307/2234602.

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13

Sieczka, Paweł, and Janusz A. Hołyst. "Correlations in commodity markets." Physica A: Statistical Mechanics and its Applications 388, no. 8 (April 2009): 1621–30. http://dx.doi.org/10.1016/j.physa.2009.01.004.

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14

Galei, Andrea. "Storage and commodity markets." International Journal of Production Economics 27, no. 1 (April 1992): 91–92. http://dx.doi.org/10.1016/0925-5273(92)90130-y.

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15

Cheng, Ing-Haw, and Wei Xiong. "Financialization of Commodity Markets." Annual Review of Financial Economics 6, no. 1 (December 2014): 419–41. http://dx.doi.org/10.1146/annurev-financial-110613-034432.

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16

Nguyen, Duc Binh Benno, and Marcel Prokopczuk. "Jumps in commodity markets." Journal of Commodity Markets 13 (March 2019): 55–70. http://dx.doi.org/10.1016/j.jcomm.2018.10.002.

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17

Eremic, Milan. "Razvijeni oblik trgovine na robnim berzama - trziste robnih fjucersa -." Ekonomski anali 44, no. 158 (2003): 7–43. http://dx.doi.org/10.2298/eka0358007e.

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At the very beginning of this paper, we stress the fact that capitalism, during a very long period of its emergence and development, was based on simple forms of commodity trading. It is true that capital left its mark on these simple forms. However, it did not change its simple character. Several centuries were to pass in for capital to build its own autochthonous forms of commodity exchange, the forms inherent in capitalism. The early forms of commodity futures, as the basic instrument of this developed commodity exchange, are thought to have been introduced on the Chicago Board of Trade - CBOT in 1985. The introduction of commodity futures contracts into commodity exchange enabled commodity markets to be divided into physical commodity markets and contract markets. This was the beginning of a complex system of commodity trade, the emergence of new economic entities in commodity markets and the development of a very complex system of trading, settlement and trade clearing through commodity futures contracts. The construction of this new system of commodity trade has lasted more than a century and during its gradual development a tremendous construct has been created, a market structure of extraordinary internal complexity and a solid logical design. The process of creating commodity futures market in the USA was outlined only in the early 1970s. We can say that it is an almost perfectly developed system, being today a dominant system in the world. Almost 100 percent of all commodity futures markets in the world are based on the commodity futures markets in the USA. The only exception is the London Metal Exchange, which is, although not being any less perfect, essentially different from the American exchanges.

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18

Tomaszewski, Jacek. "Financialization of Commodity Markets and Regulation of European Union Commodity Derivatives Market." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia 79 (2016): 137–47. http://dx.doi.org/10.18276/frfu.2016.79-10.

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19

Tahir, Zubair, and Khalid Riaz. "Integration of Agricultural Commodity Markets in Punjab." Pakistan Development Review 36, no. 3 (September 1, 1997): 241–62. http://dx.doi.org/10.30541/v36i3pp.241-262.

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Efficiency of resource allocation in agriculture depends on the functioning of commodity markets. Although the larger markets that are better connected with the transport and communication network are expected to be well-integrated, the same cannot be said about the smaller, more remote markets. This paper tests integration of agricultural commodity markets in Southeastern Punjab. The region is located off the main trading axis of Pakistan, the Peshawar-Karachi highway, and is mostly served by relatively small markets known as mandis. This study focuses on markets for cotton, wheat, and rice in five towns in the region. Cotton and wheat are the main crops in the area while rice is mostly grown as part of crop rotation aimed at controlling salinity. The analytical framework developed by Ravallion was used to conduct tests of market integration for the three selected commodities. Within this framework, it is possible to test for short-run integration, long-run integration or complete market segmentation. The results indicate that, generally, markets are integrated only in the long run, with short-run integration limited to some special cases. Moreover, the smaller markets are more likely to be isolated as compared to the larger markets. The small markets also take longer to fully adjust to the price shock originating from a more dominant central market. Finally, in the case of rice, it is more likely that a market would be isolated if it were small. This implies that farmers’ incentives to grow rice as a means of combating salinity may be constrained by local demand conditions.

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20

Ding, Shusheng, Zhipan Yuan, Fan Chen, Xihan Xiong, Zheng Lu, and Tianxiang Cui. "Impact persistence of stock market risks in commodity markets: Evidence from China." PLOS ONE 16, no. 11 (November 8, 2021): e0259308. http://dx.doi.org/10.1371/journal.pone.0259308.

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The risk spillover among financial markets has been noticeably investigated in a burgeoning number of literature. Given those doctrines, we scrutinize the impact persistence of volatility spillover and illiquidity spillover of Chinese commodity markets in this paper. Based on the sample from 2010 to 2020, we reveal that there is a cross-market spillover of volatility and illiquidity in China and also, interactions between volatility and illiquidity in different financial markets are pronounced. More importantly, we demonstrate that different commodity markets have different responsiveness to stock market shocks, which embeds their market characteristics. Specifically, we discover that the majority of the traders in gold market might be hedger and therefore gold market is more sensitive to stock market illiquidity shock and thus the shock impact in persistent. On the other hand, agricultural markets like corn and soybean markets might be dominated by investors and thus those markets respond to the stock market volatility shocks and the shock impact in persistent over 10 periods given the first period of risk shock happening. In fact, different Chinese commodity markets’ responsiveness towards Chinese stock market risk shocks indicates the stock market risk impact persistence in Chinese commodity markets. This result can help policymakers to understand the policy propagation effect according to this risk spillover channel and risk impact persistence mechanism in China.

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21

Anderson, Ronald W., and Christopher L. Gilbert. "Commodity Agreements and Commodity Markets: Lessons From Tin." Economic Journal 98, no. 389 (March 1988): 1. http://dx.doi.org/10.2307/2233509.

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22

Naeem, Muhammad Abubakr, Saqib Farid, Safwan Mohd Nor, and Syed Jawad Hussain Shahzad. "Spillover and Drivers of Uncertainty among Oil and Commodity Markets." Mathematics 9, no. 4 (February 23, 2021): 441. http://dx.doi.org/10.3390/math9040441.

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The paper aims to examine the spillover of uncertainty among commodity markets using Diebold–Yilmaz approach based on forecast error variance decomposition. Next, causal impact of global factors as drivers of uncertainty transmission between oil and other commodity markets is analyzed. Our analysis suggests that oil is a net transmitter to other commodity uncertainties, and this transmission significantly increased during the global financial crisis of 2008–2009. The use of linear and nonlinear causality tests indicates that the global factors have a causal effect on the overall connectedness, and especially on the spillovers from oil to other commodity uncertainties. Further segregation of transmissions between oil to individual commodity markets indicates that stock market implied volatility, risk spread, and economic policy uncertainty are the influential drivers of connectedness among commodity markets.

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23

Ranganathan, Thiagu, and Usha Ananthakumar. "Market efficiency in Indian soybean futures markets." International Journal of Emerging Markets 9, no. 4 (September 9, 2014): 520–34. http://dx.doi.org/10.1108/ijoem-12-2011-0106.

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Purpose – The National commodity exchanges were established in India in the year 2003-2004 to perform the functions of price discovery and price risk management in the economy. The derivatives market can perform these functions properly only if they are efficient and unbiased. So, there is a need to properly evaluate these aspects of the Indian commodity derivatives market. The purpose of this paper is to test the market efficiency and unbiasedness of the Indian soybean futures markets. Design/methodology/approach – The paper uses cointegration and a QARCH-M-ECM-based framework to test the market efficiency and unbiasedness in the soybean futures contract traded in the National Commodity Derivatives Exchange (NCDEX). The cointegration test is used to test the long-run unbiasedness and market efficiency of the contract, while the QARCH-M-ECM model is used to test the short-run market efficiency and unbiasedness of the contract by allowing for a time-varying risk premium. The price data is also tested for presence of structural breaks using a Zivot and Andrews unit root test. Findings – The soybean contract is unbiased in the long run, but there are short-run market inefficiencies and also a presence of a time-varying risk premium. Though the weak form of market efficiency is rejected in the short run, the semi-strong market efficiency is not rejected based on the forecasts. Originality/value – This is the first paper to consider time-varying risk premium while performing the tests of market efficiency and unbiasedness on Indian commodity markets.

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24

Giot, Pierre, and Sébastien Laurent. "Market risk in commodity markets: a VaR approach." Energy Economics 25, no. 5 (September 2003): 435–57. http://dx.doi.org/10.1016/s0140-9883(03)00052-5.

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25

LISYUK, V. M. "THEORY OF MARKET LOGISTICS DEVELOPMENT IN SPATIAL AND TIMELINE DIMENSION." Economic innovations 21, no. 4(73) (December 20, 2019): 113–24. http://dx.doi.org/10.31520/ei.2019.21.4(73).113-124.

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Topicality. The relevance of this study is to determine the factors that accelerate the process of development of the national economy based on the development of real sector markets. Current theory draws attention to the need to significantly reduce logistics costs in these markets. The latter include the full range of costs incurred in moving a product or service from the place of production to the end consumer. Today, in the world due to high production levels, the economic focus is on meeting the needs of consumer markets, and the expansion of geographic boundaries of markets due to the development of global processes is forcing effective ways of supply to the farthest corners of the continent. Therefore, the most powerful manufacturers - corporations spend considerable efforts to win new consumer markets. The governments of the countries are also involved in this fight. In the process there are so-called trade wars. In our view, the most effective tool in this competition is to create effective logistics for commodity markets. Aim and tasks. The purpose of the article is to investigate the hypothesis of the need to introduce the concept of "market logistics" in the general theory of logistics and research of this category. Research results. In the course of the research the necessity of the term "market logistics" or "market logistics" was proved, its essence was revealed and definitions were given. Mechanisms that promote the promotion of goods in the market (commodity movement), which contribute not only to the commodity movement, but also to the reproduction of other resources (financial, labor, etc.) involved in the logistics chain and their classification are disclosed. The differences in the interpretation and application of the mechanisms of the category "enterprise logistics" and "market logistics" are identified. The hypothesis is developed, the essence of which is as follows: "The effectiveness of a commodity rick depends on the efficiency of construction and organization of its logistics chain, and which, in turn, depends on its spatial and temporal parameters, ie on the extension of its geographical (territorial) boundaries and the stability of time border �. Spatial parameters of logistics chains of commodity markets are revealed, their essence is presented, and also the analysis of global value chains as a methodology of analysis of spatial parameters of commodity markets is carried out. Time parameters of logistics chains of commodity markets are defined and analyzed and mechanisms of their regulation are defined. A new view of logistics, which, unlike others, provides for taking into account the interests of the state, the participation of certain bodies in market processes, which will allow to involve management tools more widely and substantively in the development of markets. Conclusions. The overall conclusion of the research findings outlined in the scientific report is as follows. Organization of market logistics, which is built into the theory of organization of commodity markets should be based on the following principles: maximum coverage of all market entities by the organized (ordered) logistics of the relevant product market; the maximum share of value added generated in the relevant market that remains in the country (within geographic market parameters) with its corresponding return to the reproduction process of the given market; effective organization of commodity exchange operations at the points of logistic crossings (crossroads), by applying modern integration and differential economic mechanisms and technologies of logistics services (operations) execution; maximum integration of commodity markets into the national economy, by reducing the time of commodity movement through the market from producer to consumer based on the elimination of logistical gaps in logistics chains; optimization of spatial parameters of domestic commodity markets, by extension of their geographical (territorial) borders, including foreign states, provided that the added value is returned to the national economy and state support.

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26

Abraham, Rose Mary K. "Financialisation of Commodity Markets: Evidence from India." Margin: The Journal of Applied Economic Research 16, no. 1 (February 2022): 106–31. http://dx.doi.org/10.1177/09738010211069407.

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The known circumstances that favour financialisation of commodity markets which result in unidirectional co-movement of equity and commodity indices are either weak or non-existent in India. Yet, after 2015, there has been a greater correlation between equity and commodity markets even when decoupling is observed in global markets. Results from the rolling regression attest to the shift in response of commodity and equity indices to wholesale price inflation (WPI) and call rate after 2015, indicating that post 2015 co-movement could have been a result of inflation targeting regime. The linear regression as well as the Granger causality analysis based on vector autoregression (VAR) framework, which accounts for simultaneity, confirms that commodity markets are moving on its own supply-demand factors. The rolling regression also brings to light the disciplining effect of regulatory scrutiny and audit trail in the Indian commodity market around July 2013, when National Spot Exchange Ltd. (NSEL) payment crisis and commodity transaction taxes (CTT) occurred. JEL Classifications: G180, G28, C580, G1, G100. G130

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27

Manda, Julius, Carlo Azzarri, Shiferaw Feleke, Bekele Kotu, Lieven Claessens, and Mateete Bekunda. "Welfare impacts of smallholder farmers’ participation in multiple output markets: Empirical evidence from Tanzania." PLOS ONE 16, no. 5 (May 6, 2021): e0250848. http://dx.doi.org/10.1371/journal.pone.0250848.

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A relatively large body of literature has documented the welfare effects of smallholder farmers’ participation in single-commodity output markets. However, limited empirical evidence is available when smallholder farmers participate in multiple-commodities output markets. We tried to fill this gap in the literature by estimating the impacts of smallholder farmers’ contemporaneous participation in both maize and legume markets vis-à-vis in only maize or legume markets using household-level data from Tanzania. Applying a multinomial endogenous switching regression model that allows controlling for observed and unobserved heterogeneity associated with market participation in single-commodity and multiple-commodity markets, results showed that smallholder farmers’ participation in both single–and multiple–commodity markets was positively and significantly associated with household income and food security. Moreover, the greatest benefits were obtained when farmers participated in multiple-commodity markets, suggesting the importance of policies promoting diversification in crop income sources to increase welfare and food security. Our findings also signal the complementary–rather than substitute–nature of accessing multiple-commodity markets for enhancing household livelihoods under a specialization strategy. Finally, important policy implications are suggested, from promoting and supporting public infrastructure investments to expanding road networks to reduce transportation costs, especially in remote communities, to enhance smallholder farmer access to profitable maize and legume markets in Tanzania.

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Pinho, Carlos, and Isabel Maldonado. "Commodity and Equity Markets: Volatility and Return Spillovers." Commodities 1, no. 1 (July 19, 2022): 18–33. http://dx.doi.org/10.3390/commodities1010003.

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The present paper provides an empirical analysis of the relationship between shocks to commodity markets and stock markets. By employing a total volatility connectedness measure, we study the relationship between shocks to oil, gold, copper, and agricultural commodity markets and emerging and developed stock markets. We conduct a connectivity analysis in the time and frequency domain to quantify market linkages using volatility spillovers over the period from 2004 to 2021. In addition, we analyze the spillovers of returns in these markets over the same period. The results suggest that both on volatility and returns spillovers, slightly more than 35% of the total variance of forecast errors is explained by shocks to markets during the period January 2004 to June 2021. We also show that, in terms of both volatility and returns, the contribution of equity market shocks to other markets is substantially more important than that of commodities; however, our analysis reveals that the total link between market returns is larger in the short run than in the long run, while in the case of volatility, the long-run frequencies concentrate the market link. Additionally, we use dynamic analysis to assess both the time evolution of total connectivity and all directional partial connectivity between markets. Our results show that both volatility and return linkages change significantly over time and that a set of events has a significant impact on them.

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29

Schmitz, Andrew. "Marketing Institutions in International Commodity Markets." Journal of Agricultural and Applied Economics 18, no. 1 (July 1986): 41–48. http://dx.doi.org/10.1017/s0081305200005318.

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International markets for the majority of agricultural commodities are extremely complex. They include public and private traders along with influences from domestic and international government policies. In recent years, the United States has experienced a decline in the market share in two of its major agricultural exports—rice and wheat. For example, at one time the United States had roughly 45 percent of the world wheat market; but, by the end of 1985, its share had dropped below 40 percent. Also, in terms of rice, the United States market share has dropped from 25 percent to below 20 percent.

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Sehgal, Sanjay, Namita Rajput, and Rajeev Kumar Dua. "Price Discovery in Indian Agricultural Commodity Markets." International Journal of Accounting and Financial Reporting 2, no. 2 (August 10, 2012): 34. http://dx.doi.org/10.5296/ijafr.v2i2.2224.

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In this paper, the price discovery relationship for ten agricultural commodities has been examined. Price discovery is confirmed for all commodities except Turmeric. Price discovery results are encouraging given the nascent character of commodity market in India. However the market does not seem to be competitive. The findings have implications for policy makers, hedgers and investors and will help in deeply understanding the role of futures market in information dissemination. The commodity exchanges must strengthen their surveillance system for early detection on continuous basis of anomalous trading behaviour. These markets are becoming informationally mature and market regulators have taken adequate steps for market development. Forwards Market Commission (FMC) should be given adequate powers to regulate commodity market and penalise any insider trading and price manipulations. Well-organized spot markets must be developed, ensuring transparency and trading efficiency. Electronically traded spot exchanges must be developed and warehousing; testing labs as well as other eco-system linkages must be established to strengthen the derivative market trading mechanism for efficient price discovery mechanism.

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Irwin, Scott H., Dwight R. Sanders, and Robert P. Merrin. "Devil or Angel? The Role of Speculation in the Recent Commodity Price Boom (and Bust)." Journal of Agricultural and Applied Economics 41, no. 2 (August 2009): 377–91. http://dx.doi.org/10.1017/s1074070800002856.

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It is commonly asserted that speculative buying by index funds in commodity futures and over-the–counter derivatives markets created a “bubble“ in commodity prices, with the result that prices, and crude oil prices, in particular, far exceeded fundamental values at the peak. The purpose of this paper is to show that the bubble argument simply does not withstand close scrutiny. Four main points are explored. First, the arguments of bubble proponents are conceptually flawed and reflect fundamental and basic misunderstandings of how commodity futures markets actually work. Second, a number of facts about the situation in commodity markets are inconsistent with the existence of a substantial bubble in commodity prices. Third, available statistical evidence does not indicate that positions for any group in commodity futures markets, including long-only index funds, consistently lead futures price changes. Fourth, there is a historical pattern of attacks upon speculation during periods of extreme market volatility.

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Tarakanov, Mykola, Tetiana Lozova, and Ivan Uzun. "Integrated approach to the use of logistics and marketing in the system of commodity markets." Economics. Ecology. Socium 4, no. 3 (September 18, 2020): 12–23. http://dx.doi.org/10.31520/2616-7107/2020.4.3-2.

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Aim and tasks. The purpose of the research is to substantiate the methodological approach to the impact of the integration model of logistics marketing on the effectiveness of reproduction processes in the system of commodity markets. The main objectives of the study are: to determine the essence of the interaction of logistics and marketing at the level of commodity markets, substantiation of the phased scheme of eliminating problem areas as part of the leading characteristics of commodity markets, outlining the impact of integrated logistics marketing model on the theoretical foundations of commodity markets. Results. With the proposed methodological approach to the use of an integrated model of logistics marketing becomes relevant to situations that are associated with radical transformational shifts in the strategic commodity markets associated with the diversification of foreign markets, the formation of complete supply chains, innovative economic development. etc. The proposed scheme of overcoming the problematic characteristics of certain types of commodity markets indicates the presence of significant reserves for the use of marketing research on the formation of effective logistics chains in the system of reproductive processes of trade. Conclusions. It is concluded that the main indicators of the effectiveness of taking into account the logistical factor in making marketing decisions are determined - the factor of availability of goods for use, accessibility to the place of use and time of use of goods. The influence of marketing on the formation of logistics chains of the commodity market is determined by the adaptation of logistics to the leading characteristics of commodity markets.

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Dudziński, Jerzy. "EVOLUTION IN FINANCIAL INVESTORS' ENGAGEMENT IN COMMODITY MARKETS." JOURNAL OF INTERNATIONAL STUDIES 4, no. 1 (May 20, 2011): 44–55. http://dx.doi.org/10.14254/2071-8330.2011/4-1/5.

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Yuan, Xinyu, Jiechen Tang, Wing-Keung Wong, and Songsak Sriboonchitta. "Modeling Co-Movement among Different Agricultural Commodity Markets: A Copula-GARCH Approach." Sustainability 12, no. 1 (January 3, 2020): 393. http://dx.doi.org/10.3390/su12010393.

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The aim of this research is to explore the volatility contagion among different agricultural commodity markets. For this purpose, this research make use of the copula-GARCH (Generalized Autoregressive Conditional Heteroskedasticity) model for the daily spot prices of six major agriculture grain commodities including corn, wheat, soybeans, soya oil, cotton, and oat over the period from 2000 to 2019. Our results provide evidence that significant contagion effects and risk transmissions exist among different agricultural grain commodity markets, suggesting that potential speculation effects on one agricultural market could be contagious for another agricultural market and result an increase in volatility in agricultural product markets. Second, agricultural commodities appears to co-move symmetrically. We also find substantial extreme co-movements among agricultural commodity markets. This indicates that agricultural commodity markets tend to crash (boom) together during extreme events. Moreover, after the food crisis, contagion effects and risk transmissions among different agricultural commodity markets increased substantially. Fourth, we find that the strongest contagion effects and risk transmissions are between corn and soybeans, and the weakest contagion effects and risk transmissions are between soya oil cotton and between cotton and oat. Last, we document that the co-movement varies over time. Our findings hold important implications for modeling the co-movement by the copula-GARCH approach.

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Aziz, Tariq, Ranjeeta Sadhwani, Ume Habibah, and Mazin A. M. Al Janabi. "Volatility Spillover Among Equity and Commodity Markets." SAGE Open 10, no. 2 (April 2020): 215824402092441. http://dx.doi.org/10.1177/2158244020924418.

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This study aims to examine volatility spillover among equity and commodity markets of the United States. The analysis focuses on crude oil (Brent and WTI [West Texas Intermediate]), rice, and gasoline. For the analysis, generalized autoregressive conditional heteroscedasticity (GARCH) (1, 1) model is applied on monthly data for the period of February 2005 to December 2016. Results show that there is no volatility spillover from commodity market (gold, oil, gas, and rice) to equity market, whereas it only exists in few commodity markets, from oil to rice and gas. The study also finds that there is neither mean spillover nor volatility spillover among gold and equity market; therefore, investor can invest in equity and gold to diversify risk of portfolio.

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Just, Małgorzata, and Aleksandra Łuczak. "Assessment of Conditional Dependence Structures in Commodity Futures Markets Using Copula-GARCH Models and Fuzzy Clustering Methods." Sustainability 12, no. 6 (March 24, 2020): 2571. http://dx.doi.org/10.3390/su12062571.

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The dynamic development of commodity derivatives markets has been observed since the mid-2000s. It is related to the development of e-commerce, the inflow of financial investors’ capital, and the emergence of exchange-traded funds and passively managed index funds focused on commodities. These advances are accompanied by changes in dependence structure in the markets. The main purpose of this study is to assess the conditional dependence structure in various commodity futures markets (energy, metals, grains and oilseeds, soft commodities, agricultural commodities) in the period from the beginning of 2000 to the end of 2018. The specific purpose is to identify the states of the market corresponding to typical patterns of the conditional dependency structure, and to determine the time of transition from one state to another. The copula-based Multivariate Generalized Autoregressive Conditional Heteroskedasticity models were used to describe the dynamics of dependencies between the rates of return on prices of commodity futures, while the dynamic Kendall’s tau correlation coefficients were applied to measure the strength of dependencies. The daily changes in the conditional dependence structure in the markets (changes in states of the markets) were identified with the fuzzy c-means clustering method. In 2000–2018, the conditional dependence structure in commodity futures markets was not stable, as evidenced by the different states of markets identified (two states in the grains and oilseeds market, the agricultural market, the soft commodities market and the metals market, and three states in the energy market).

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37

Lisyuk, Volodimir, and Viktor Diordiiev. "TRANSFORMATION OF MARKET LOGISTICS IN THEORETICAL REPRESENTATION AND PRACTICAL APPLICATION." Economics: time realities 3, no. 49 (June 23, 2020): 87–93. http://dx.doi.org/10.15276/etr.03.2020.11.

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The article presents an analysis of the essence of logistics as an object of scientific research and as an organizational mechanism aimed at streamlining the functioning of commodity markets. It has been determined that such an organizational essence of logistics affects the efficiency of commodity movement along the logistics chain of the market, and, on the other hand, the efficiency of the activities of the logistics entities themselves. It is shown that the process of commodity circulation in the market is based on a commodity exchange operation. Tying the theory of logistics to the theory of commodity markets, the authors consider it expedient and reasonable to introduce the concept of "market logistics" or "market logistics" into scientific and practical circulation. On this basis, an analysis of the difference in goals, functions and mechanisms of these scientific categories is presented.

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38

Frydenberg, Stein. "Financial Modeling in Commodity Markets." Quantitative Finance 21, no. 5 (February 3, 2021): 711–12. http://dx.doi.org/10.1080/14697688.2020.1855362.

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39

Kaminsky, Graciela, and Manmohan S. Kumar. "Efficiency in Commodity Futures Markets." Staff Papers - International Monetary Fund 37, no. 3 (September 1990): 670. http://dx.doi.org/10.2307/3867269.

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40

Gazzayeva, M. T. "Unfair competition in commodity markets." Право и государство: теория и практика, no. 5 (2022): 76–78. http://dx.doi.org/10.47643/1815-1337_2022_5_76.

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41

Barnett, Vincent. "Soviet Commodity Markets during NEP." Economic History Review 48, no. 2 (May 1995): 329. http://dx.doi.org/10.2307/2598406.

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42

Ben Ameur, Hachmi, Zied Ftiti, and Waël Louhichi. "Intraday spillover between commodity markets." Resources Policy 74 (December 2021): 102278. http://dx.doi.org/10.1016/j.resourpol.2021.102278.

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Cartea, Álvaro, Sebastian Jaimungal, and Zhen Qin. "Model Uncertainty in Commodity Markets." SIAM Journal on Financial Mathematics 7, no. 1 (January 2016): 1–33. http://dx.doi.org/10.1137/15m1027243.

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Gogas, Periklis, and Apostolos Serletis. "Forecasting in inefficient commodity markets." Journal of Economic Studies 36, no. 4 (September 4, 2009): 383–92. http://dx.doi.org/10.1108/01443580910973592.

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SOCKIN, MICHAEL, and WEI XIONG. "Informational Frictions and Commodity Markets." Journal of Finance 70, no. 5 (September 3, 2015): 2063–98. http://dx.doi.org/10.1111/jofi.12261.

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Peri, Massimo, Lucia Baldi, and Daniela Vandone. "Price discovery in commodity markets." Applied Economics Letters 20, no. 4 (March 2013): 397–403. http://dx.doi.org/10.1080/13504851.2012.709590.

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Chevallier, Julien, and Florian Ielpo. "Volatility spillovers in commodity markets." Applied Economics Letters 20, no. 13 (September 2013): 1211–27. http://dx.doi.org/10.1080/13504851.2013.799748.

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Chevallier, Julien, Mathieu Gatumel, and Florian Ielpo. "Understanding momentum in commodity markets." Applied Economics Letters 20, no. 15 (October 2013): 1383–402. http://dx.doi.org/10.1080/13504851.2013.815300.

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Carter, Colin A. "Commodity futures markets: a survey." Australian Journal of Agricultural and Resource Economics 43, no. 2 (June 1999): 209–47. http://dx.doi.org/10.1111/1467-8489.00077.

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Hallett, Andrew Hughes. "Primary commodity markets and models." Resources Policy 14, no. 2 (June 1988): 150–51. http://dx.doi.org/10.1016/0301-4207(88)90057-8.

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