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The year 2003 marked the real turning point in the policy framework for commodity market when the government issued notifications for withdrawing all prohibitions and opening up forward trading in all the commodities. Despite having significant coal, metals and oil assets, Glencore revenues are dominated by trading activities as the company had total revenues of $186 billion in 2011, of which trading brought in around $172 billion, including $115 billion in energy trading, $43 billion in metals and minerals trading and $13.7 billion in agriculture trading.
The nature of shocks in the world oil market has changed over time, with the oil price becoming more sensitive to changes in oil production, consistent with evidence from Gert Peersman (Ghent, also at this workshop) in Baumeister and Peersman (2011) that demand and supply elasticities have become smaller over time.
Our curriculum provides a common body of knowledge for students in Agricultural Economics and Business Administration while combining core courses from Agricultural and Applied Economics with business courses in Accounting, Marketing, Management, Finance, and Business Law to provide a strong foundation for careers in management of agricultural businesses.
This free course will be of great interest to professionals in business, finance and economics who would like to learn more about the concept and practice of futures trading and to all learners who would like a better understanding of how the prices of essential items such as food and raw materials are set.
Typical jobs include decision-making positions on farms, with farm supply firms (e.g. feed, chemicals, machinery), in marketing firms (e.g. commodity brokers, livestock markets, grain elevators), and with private and public organizations providing services (e.g. farm management, finance, insurance, education, extension) to farms, agribusiness and the rural sector.
The supply and demand for the dollars is the far more dominant factor, and on top of that the demand for commodities as money rather than for consumption becomes, in times of inflation, much more important than “fundamentals.” Those who just look at dollar prices have a wildly distorted view of economic reality.
Also, I would emphasize the CFTC’s explanation – one that has been confirmed by the former CEO of PAAS, who took on Butler’s claims as well – that the large commercial shorts do in fact have offsetting positions in both physical and OTC derivatives markets, where they act as middlemen for a much larger group of customers.
To evaluate this claim, staff examined the specific traders comprising the top four shorts and their overall futures positions, their motives for holding these positions, how the levels of concentration in the silver futures market compare to those in similar futures markets (i.e., gold, platinum, palladium, and copper), and the relationship between open interest concentration and the level of open interest held by these futures traders to changes in silver futures prices.
Two-wheeler giant Hero MotoCorp may witness buying momentum after it on Wednesday in after-market hours reported that its net profit for Q2 FY 2016-17 rose by 27.7 per cent year-on-year to a record Rs 1,004.2 crore on highest ever sales volume.Volatility may remain high at the domestic bourses as traders roll over their positions amid the October Futures & Options (F&) contract expiry.
DENVER, CO, September 26, 2011 – Pioneer Solutions LLC, a leading supplier of commodity energy trading and risk management- Ctrm-Etrm solutions, today announced enhancements to its comprehensive Ctrm-Etrm software suite called TRMTracker” offering a Dodd-Frank Swap Data Repository -SDR compliant ready Ctrm-Etrm solution.
Forward contracts help in arranging long-term transactions between buyers and sellers but could not deal with the financial (credit) risk that occurred with unforeseen price changes resulting from crop failures, inadequate storage or bottlenecks in transportation, factors beyond human control (floods, natural calamities, etc.), or other economic factors that may result in unexpected changes, and hence counterparty default risks for parties involved.
Forex and futures markets can also be traded 24-hours a day, which in my opinion allows risk to be controlled more precisely-especially if you do decide to hold positions overnight-because (unlike stocks) there aren’t any gaps in the price from one day to the next (except on weekends, but that can’t be avoided in any of these markets).
(I suspect a similar explanation is behind much of the high Chinese demand – but that rather than buying futures they are actually stockpiling commodities, including cutting back on production of their own native minerals, to hedge their peg to the U.S. dollar, their massive dollar earnings from exports, and their heavy investments in U.S. Treasuries, all of which are vulnerable to dollar drop or inflation – but I don’t know where data on such stockpiling activity might be readily available).
Further to the launch of Commodity options on MCX we are glad to inform the existing Commodity account holders that commodity options trading has been enabled for their accounts with us. If you chose to trade in Commodity Options, you will be charged commodity options default brokerage of Rs. 60 per lot each side.Other statutory and regulatory charges will also apply.
“I don’t think you have any banks that are properly disclosing commodities revenue,” said George Kuznetsov, head of research and analytics at Coalition, a British consulting firm that employs more than 100 researchers to scrutinize public disclosures and conduct interviews to estimate trading revenues for investment banks.
The good news is there are a lot of ways to add value to your customer’s business: making logistics more efficient, being able to sell smaller volumes than the full loads you’ll be buying, being there for your customers (big trading companies either won’t sell or don’t care about small customers, but to you they’d be priority one), providing local market knowledge, and more.