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Books > Money & Finance > Investment & securities > Commodities
In response to the recent surge in extractive natural resource
investments in Africa, this insightful book explores how relations
between investors, ruling elites, and local populations develop
when large-scale investments in gas, minerals, and agriculture
expand. Advancing a multi-level approach that encompasses rigorous
theoretical analysis, fieldwork, and literature review, expert
contributors examine the implementation of natural resource
investments and the extent to which they respect procedural rights
of local populations. Chapters draw together understudied bodies of
literature on land-grabbing debates, the resource curse controversy
and corporate social responsibility (CSR), demonstrating how the
chances of large-scale investments in natural resources are at
their greatest when characterised by 'reciprocal exchange deals'
between investors and local populations, 'compatible interests'
between ruling elites and investors, and 'mutual recognition'
between local populations and ruling elites. Through a careful
examination of case studies in Mozambique, Tanzania, and Uganda,
the book ultimately highlights the complexity of the political
economy of natural resource investments. Providing valuable
theoretical and empirical insights, this book will be an
invigorating read for scholars and students of political economy,
political geography, sustainability, CSR, and business studies. Its
valuable insights on how natural resource investments might
accelerate economic growth and consolidate links between local and
global economies will also be of interest to development
practitioners and investors.
Commodities are basic goods used in commerce and are most often
used as inputs in the production of other semi-finished or finished
materials. They are very important products in our lives today and
constitute non-negligible sources of income for many countries.
This book serves as a guide to the marketing of these goods and
provides scholars and commodity market participants with useful
concepts, tools and guidelines to better organize and operate
commodities exchanges. Issouf Soumare explains in detail
commodities exchanges, from conceptualization of the exchange to
its operationalization. He describes the architecture of a typical
commodities exchange, looking at its trading and clearing
functions, the warehouse receipt system and the regulatory
framework. The book also presents practices of commodities
exchanges around the world and discusses commodity products and
instruments traded on these exchanges, their pricing and usage.
This book is very useful and timely, as many emerging countries are
setting up commodities exchanges. Academics interested in
commodities and their marketing as well as industry professionals
such as commodity traders, commodity exporters, risk managers,
clearing officers, market makers, commodity producers, agricultural
cooperatives, commodity processors, bankers, warehouse operators,
and regulators will find this a useful reference.
'Gripping' Economist 'Jaw-dropping' Sunday Times 'Riveting'
Financial Times 'Fascinating' Reuters We are entering an age of
energy crises and food shortages. This book reveals why. Meet the
swashbuckling traders who supply the world with energy, food and
metal. Their goal: To make billions by buying and selling raw
materials - flogging Russian gas to Europe, Saudi oil to America
and Congolese metals to Silicon Valley. Their methods: Whatever it
takes - whether funnelling cash to Vladimir Putin's
sanction-stricken Kremlin, schmoozing Russian metal oligarchs after
the collapse of the Soviet Union, or striking deals with the Libyan
rebels at the height of the Arab Spring. These are the commodity
traders. You've probably never heard of them. But, like it or not,
you're one of their customers. *Financial Times and Economist Book
of the Year* *Shortlisted for the Financial Times & McKinsey
Business Book of the Year Award* 'Shows how much money and global
influence is concentrated in the hands of a tiny group . . .
Remarkable . . . As the authors roam from oilfield to wheatfield,
they reveal information so staggering you almost gasp' Sunday Times
'A globe-spanning corporate thriller, full of intrigue and double
dealing . . . Changes how we see the world, often in horrifying
ways' Spectator 'A rich archive of ripping yarns . . . The high
level narrative is gripping enough. But it is the details of what
these freewheeling companies actually got up to that give the book
a thriller-like quality' Financial Times 'Some of the stories could
be straight out of John le Carre. The difference is they're true'
Andrew Neil
From the award-winning author of "Diamond" A blazing exploration of
the human love affair with gold that "combines the engaging style
of a travel narrative with sharp-eyed journalistic expose"
("Publishers Weekly," starred review).
In the wake of the 2008 financial crisis, the price of gold
skyrocketed--in three years more than doubling from $800 an ounce
to $1900. This massive spike drove an unprecedented global
gold-mining and exploration boom, much bigger than the gold rush of
the 1800s. In "Gold," acclaimed author Matthew Hart takes you on an
unforgettable journey around the world and through history to tell
the extraordinary story of how gold became the world's most
precious commodity.
Beginning with a page-turning report from the crime-ridden inferno
of the world's deepest mine, Hart traveled around the world to the
sites of the hottest action in gold today, from the biggest new
mine in China, to the highly secretive London gold exchange, and
the lair of the world's most powerful gold trader in Geneva,
Switzerland. He profiles the leaders of the gold market today, the
nature of the current boom, and the likely prospects for the
future. From the earliest civilizations, when gold was an icon of
sacred and kingly power, Hart tracks its evolution, through
conquest, murder, and international mayhem, into the speculative
casino-chip that the metal has become. He ends by telling the story
of the massive flows of gold that have occurred in the wake of the
financial crisis and what the world's leading experts are saying
about the profound changes underway in the gold market and the
prospects for the future.
"Compelling, stylish, and impressively researched" ("The Boston
Globe"), "Gold" is a wonderful historical odyssey with important
implications for today's global economy.
The financial crisis, which spanned 2007 and 2008, may have
occurred ten years ago but the resulting regulatory implications
are yet to be implemented. This book isolates the occurrences of
the derivatives market, which were implied as the core accelerator
and enabler of the global financial crisis. Offering a holistic
approach to post-crisis derivatives regulation, this book provides
insight into how new regulation has dealt with the risk that OTC
derivatives pose to financial stability. It discusses the effects
that post-crisis regulation has had on central counterparties and
the risk associated with clearing of OTC derivatives. Alexandra G.
Balmer offers a novel solution to tackle the potential negative
externalities from the failure of a central counterparty and
identifies potential new risks arising from post-crisis reforms.
Comprehensive and astute, this book will provide legal and
financial scholars, academics and lawyers with much food for
thought. National supervisors and regulators will also benefit from
an understanding of general market risks and factors affecting
exposure to such risks.
From aluminium and platinum to zinc and gold, oil and gas to cocoa
and wheat, our lives are full of products derived or made from
commodities - the world's natural resources. We often take them for
granted - but at our peril, given the pivotal role these resources
play in what we consume and produce. Price volatility, changing
patterns of global demand and geopolitical instability regularly
expose how unpredictable availability of and trade in commodities
can be. This revised edition offers a concise and indispensable
guide to commodities, including the latest trends in consumption,
production, trade, markets and prices, as well as invaluable
insights into future developments. Whether as raw materials or
financial assets to be traded, commodities matter. This book shows
us why.
The next bull market is here. It's not in stocks. It's not in
bonds. It's in commodities - and some smart investors will be
riding that bull to record returns in the next decade. Before Jim
Rogers hit the road to write his best-selling books Investment
Biker and Adventure Capitalist, he was one of the world's most
successful investors. He co-founded the Quantum Fund and made so
much money that he never needed to work again. Yet despite his
success, Rogers has never written a book of practical investment
advice - until now. In Hot Commodities, Rogers offers the low-down
on the most lucrative markets for today and tomorrow. In late 1998,
gliding under the radar, a bull market in commodities began. Rogers
thinks it's going to continue for at least fifteen years - and he's
put his money where his mouth is: In 1998, he started his own
commodities index fund. It's up 165% since then, with more than
$200 million invested, and it's the single-best performing index
fund in the world in any asset class. Less risky than stocks and
less sluggish than bonds, commodities are where the money is - and
will be in the years ahead. Rogers's strategies are simple and
straightforward. You can start small - a few thousand dollars will
suffice. It's all about putting your money into stuff you
understand, the basic materials of everyday life, like copper,
sugar, cotton, corn, or crude oil. Once you recognize the cyclical
and historical trading patterns outlined here, you'll be on your
way. In language that is both colourful and accessible, Rogers
explains why the world of commodity investing can be one of the
simplest of all - and how commodities are the bases by which
investors can value companies, markets, and whole economies. To be
a truly great investor is to know something about commodities. For
small investors and high rollers alike, Hot Commodities is as good
as gold ...or lead, or aluminium, which are some of the commodities
Rogers says could be as rewarding for investors.
A timely contribution and incisive analysis, this is the story of
the British experiment in privatizing the nuclear power industry
and its subsequent financial collapse. It tells how the UK's
pioneering role in nuclear power led to bad technology choices, a
badly flawed restructuring of the electricity industry and the end
of government support for nuclear power. In this volume Simon
Taylor has combined interviews with former executives, regulators
and analysts with his own unique insight into the nuclear industry
to provide an analysis of the origins of the crisis and the
financial and corporate strategies used by British Energy plc.
Arguing that the stock market was a major factor in the company's
collapse by misunderstanding its finances, over-valuing the shares
and giving wrong signals to management and that the government
policy of trying to put all responsibility for nuclear liabilities
in the hands of the private sector was neither credible nor
realistic. The book concludes that failure was not inevitable but
resulted from a mixture of internal and external causes that casts
doubt on the policy of combining a wholly nuclear generator with
liberalized power markets. This book will be of great interest to
students engaged with the history of nuclear power in the UK,
privatization, regulation and financial and corporate strategy, as
well as experts, policy makers and strategists in the field.
The authors provide a broad overview of economic aspects of
commodity taxation, focussing in particular on theory and on policy
applications in OECD countries. Some major papers in public
economics have discussed whether these taxes should be levied at a
uniform rate, or whether different commodities should be taxed
differently, for reasons of either equity or efficiency. The
authors begin with this question, and then discuss further issues,
including the economic incidence of commodity taxes, the properties
of the VAT, the taxation of financial services, the international
aspects of commodity taxation, and environmental and health policy
aspects.
ISO 50001 - A strategic guide to establishing an energy management
system provides a practical but strategic overview for leadership
teams of what an EnMS (energy management system) is and how
implementing one can bring added value to an organisation.
John MacNamara s timely report looks at the principles and practice
of structured trade and commodity finance deals and what can go
wrong. It is supported by invaluable case study material.
An authoritative guide to structured trade and commodity finance in
emerging marketsA detailed study of the problems and opportunities
presented by structured tradeA clear explanation of typical
structures and risk mitigation techniques"
The Efficient Markets Hypothesis is one of the most controversial
and hotly contested ideas in all the social sciences. It is
disarmingly simple to state, has far-reaching consequences for
academic pursuits and business practice, and yet is surprisingly
resilient to empirical proof of refutation. Even after three
decades of research and literally thousands of journal articles,
economists have not yet reached a consensus about whether markets -
particularly financial markets - are efficient or not. These two
volumes bring together the most influential articles surrounding
the Efficient Markets Hypothesis debate, from Paul Samuelson's
pathbreaking proof that properly anticipated prices fluctuate
randomly to Fischer Black's study of noise traders, from Eugene
Fama's empirical implementation of the Efficient Markets Hypothesis
to Robert Merton's analysis of stock price volatility.
Commodity markets present several challenges for quantitative
modeling. These include high volatilities, small sample data sets,
and physical, operational complexity. In addition, the set of
traded products in commodity markets is more limited than in
financial or equity markets, making value extraction through
trading more difficult. These facts make it very easy for modeling
efforts to run into serious problems, as many models are very
sensitive to noise and hence can easily fail in practice. Modeling
and Valuation of Energy Structures is a comprehensive guide to
quantitative and statistical approaches that have been successfully
employed in support of trading operations, reflecting the author's
17 years of experience as a front-office 'quant'. The major theme
of the book is that simpler is usually better, a message that is
drawn out through the reality of incomplete markets, small samples,
and informational constraints. The necessary mathematical tools for
understanding these issues are thoroughly developed, with many
techniques (analytical, econometric, and numerical) collected in a
single volume for the first time. A particular emphasis is placed
on the central role that the underlying market resolution plays in
valuation. Examples are provided to illustrate that robust,
approximate valuations are to be preferred to overly ambitious
attempts at detailed qualitative modeling.
The comprehensive guide to working more effectively within the
multi-commodity market. The Handbook of Multi-Commodity Markets and
Products is the definitive desktop reference for traders,
structurers, and risk managers who wish to broaden their knowledge
base. This non-technical yet sophisticated manual covers everything
the professional needs to become acquainted with the structure,
function, rules, and practices across a wide spectrum of commodity
markets. Contributions from a global team of renowned industry
experts provide real-world examples for each market, along with
tools for analyzing, pricing, and risk managing deals. The
discussion focuses on convergence, including arbitrage valuation,
econometric modeling, market structure analysis, contract
engineering, and risk, while simulated scenarios help readers
understand the practical application of the methods and models
presented. Gradual deregulation and the resulting increase in
diversity and activity have driven the evolution of the
traditionally segmented market toward integration, raising
important questions about opportunity identification and analysis
in multi-commodity deals. This book helps professionals navigate
the shift, providing in-depth information and practical advice. *
Structure and manage both simple and sophisticated multi-commodity
deals * Exploit pay-off profiles and trading strategies with a
diversified set of commodity prices * Develop more accurate
forecasting models by considering additional metrics * Price energy
products and other commodities in segmented markets with an eye
toward specific structural features As one of the only markets
strong enough to boom during the credit crunch, the commodities
markets are growing rapidly. Combined with increasing convergence,
this transition presents potentially valuable opportunities for the
development of a robust multi-commodity portfolio. For the
professional seeking deeper understanding and a more effective
strategy, the Handbook of Multi-Commodity Markets and Products
offers complete information and expert guidance.
'John is a hero to many private investors in the UK. By tucking
money away year after year, and choosing his investments wisely, he
has accumulated a portfolio worth more than GBP1 million.' The
Motley Fool 'I'm a big fan of the writings of John Lee. John Lee
moves the market.' Monevator 'Lord (John) Lee of Trafford was one
of the first UK investors to build an ISA portfolio worth more than
GBP1 million, reaching that landmark in 2003.' Daily Telegraph,
March 2012 John Lee is one of the UK's most successful private
investors. Beginning with an investment pot of GBP125,000 in the
early 1980s, by 2003 he had turned this into a thriving portfolio
of over GBP1 million, and it has significantly increased in value
since then. Using efficient investment methods, as well as pursuing
a winning 'buy and hold' strategy, he was the UK's first ISA
millionaire. In How to Make a Million - Slowly, John Lee offers
invaluable lessons that will help you make the right decisions
about your investments. Explaining why an unhurried portfolio is
the best and most sustainable strategy for growth, you will learn
how to spot opportunities, research and monitor the market, work
with management and above all, make money.
Commodity Derivatives: A Guide for Future Practitioners describes
the origins and uses of these important markets. Commodities are
often used as inputs in the production of other products, and
commodity prices are notoriously volatile. Derivatives include
forwards, futures, options, and swaps; all are types of contracts
that allow buyers and sellers to establish the price at one time
and exchange the commodity at another. These contracts can be used
to establish a price now for a purchase or sale that will occur
later, or establish a price later for a purchase or sale now. This
book provides detailed examples for using derivatives to manage
prices by hedging, using futures, options, and swaps. It also
presents strategies for using derivatives to speculate on price
levels, relationships, volatility, and the passage of time.
Finally, because the relationship between a commodity price and a
derivative price is not constant, this book examines the impact of
basis behaviour on hedging results, and shows how the basis can be
bought and sold like a commodity. The material in this book is
based on the author's 30-year career in commodity derivatives, and
is essential reading for students planning careers as commodity
merchandisers, traders, and related industry positions. Not only
does it provide them with the necessary theoretical background, it
also covers the practical applications that employers expect new
hires to understand. Examples are coordinated across chapters using
consistent prices and formats, and industry terminology is used so
students can become familiar with standard terms and concepts. This
book is organized into 18 chapters, corresponding to approximately
one chapter per week for courses on the semester system.
The definitive book on Positioning Analysis -- a powerful and
sophisticated framework to help traders, investors and risk
managers better understand commodity markets Positioning Analysis
is a powerful framework to better understand commodity price
dynamics, risk, and sentiment. It indicates what each category of
trader is doing--what they are trading, how much they are trading
and how they might behave under a variety of different
circumstances. It is essential in isolating specific types of flow
patterns, defining behavioral responses, measuring shifts in
sentiment, and developing tools for better risk management.
Advanced Positioning, Flow and Sentiment Analysis in Commodity
Markets explains the fundamentals of Positioning Analysis and
presents new concepts in Commodity Positioning Analytics. This
invaluable guide helps readers recognize how certain types of
positioning patterns can be used to develop models, indicators, and
analyses that can be used to enhance performance. This updated
second edition contains substantial new material, including
analytics based on the analysis of flow, the decomposition of
trading flows, trading activity in the Chinese commodity markets,
and the inclusion of Newsflow into Positioning Analysis. Author:
Mark J S Keenan, also covers the structure of positioning data,
performance attribution of speculators, sentiment analysis and the
identification of price risks and behavioral patterns that can be
used to generate trading signals.. This must-have resource: Offers
intuitive and accessible guidance to commodity market participants
and risk managers at various levels and diverse areas of the market
Provides a wide range of analytics that can be used directly or
integrated into a variety of different commodity-related trading,
investment, and risk management programs Features an online
platform comprising a wide range of customizable, regularly-updated
analytical tools Contains an abundance of exceptional graphics,
charts, and illustrations Includes easy-to-follow instructions for
building analytics. Advanced Positioning, Flow and Sentiment
Analysis in Commodity Markets: Bridging Fundamental and Technical
Analysis, 2nd Edition is an indispensable source of information for
all types of commodity traders, investors, and speculators, as well
as investors in other asset classes who look to the commodity
markets for price information.
Primary commodities - food, raw materials, fuels and base metals -
continue to be a substantial proportion of the exports of many
developing countries and account for over 40 per cent of world
trade. The determinants of primary commodity prices, and the terms
on which they are traded for manufactured goods, are topics of
considerable importance for development economists.The Economics of
Primary Commodities brings together in one volume important new
work by a group of leading scholars on the economic analysis of
primary commodity markets. Their detailed coverage of major recent
developments in the field include discussion of modelling and
policy issues. Topics addressed include excess co-movement of
commodity prices, the stabilization of earnings in volatile
commodity markets, a macroeconomic framework for trade terms
between north and south, and the influence of economic policy on
commodity markets. The essays should provide the reader with an
overview of the current 'state-of-the-art' and a useful platform on
which future research might be based. This book will be welcomed by
academic researchers, practitioners and postgraduate students
concerned with the economics of trade, economic development and
international economics.
The early 21st century has seen a prolonged price boom in non-fuel
commodities, coupled with a volatile performance in fuel prices.
This new collection presents the latest research on commodity
prices and economic development in the context of this changing
globalized economy. Global Commodity Markets and Development
Economics brings together analyses from a number of perspectives in
order to explore commodity price developments. Chapters explore
long term commodity trends, the evolution of relative price
developments, the relationship of the domestic commodity sector
with global supply chains, agri-food prices, and the role of oil
markets in the global economy. Through considering a diverse range
of countries including China, Russia and the United States, the
authors examine key fuel and non-fuel commodity markets and offer a
window into important trends and developments. This book will be
relevant to those with an interest in development economics,
international economics and energy markets.
First published in 1986, this book discusses many important aspects
of the theory and practice of Futures Markets. It describes how
they, at the time, grew to be an increasingly important feature of
the world's major financial centres. Indeed, they adopted the role
of being efficient forward pricing mechanisms and this was
reflected by the interest of economists in the study of risk,
uncertainty and information. Here, the contributors focus on areas
that were of concern in the late 1980s such as feasibility, forward
pricing and returns, and the modelling of price determination in
Futures Markets. Evidence is drawn from twenty-five different
commodities representing all the major commodity groups; and from
all the world's major centres of Futures Trading.
Commodity Risk Management goes beyond just an introductory
treatment of derivative securities, dealing with more advanced
topics and approaching the subject matter from a unique
perspective. At its core lies the concept that commodity risk
management decisions require an in-depth understanding of
speculative strategies, and vice versa. The book offers readers a
unified treatment of important concepts and techniques that are
useful in applying derivative securities in the management of risk
in commodity markets. While some of these techniques are well known
and fairly common, Poitras offers applications to specific
situations and links to speculative trading strategies - extensions
of the material that not only are hard to come by, but helpful to
both the academic and the practitioner. The book is divided into
three parts. The first part deals with the general framework for
commodity risk management, the second part focuses on the use of
derivative security contracts in commodity risk management, and the
third part deals with applications to three specific situations. As
a textbook, this book is designed to appeal to classes at a senior
undergraduate/MBA/MA levelof training in Finance, financial
economics, actuarial science, management science,
agriculturaleconomics and accounting. There will also be interest
for the book as: a monograph for research libraries, a handbook for
individuals working in the commodity risk management industry, and
a guidebook for those in the general public interested in topics
like farm risk management or the assessment of hedging practices of
publicly-traded commodity producers.
Commodity Risk Management goes beyond just an introductory
treatment of derivative securities, dealing with more advanced
topics and approaching the subject matter from a unique
perspective. At its core lies the concept that commodity risk
management decisions require an in-depth understanding of
speculative strategies, and vice versa. The book offers readers a
unified treatment of important concepts and techniques that are
useful in applying derivative securities in the management of risk
in commodity markets. While some of these techniques are well known
and fairly common, Poitras offers applications to specific
situations and links to speculative trading strategies - extensions
of the material that not only are hard to come by, but helpful to
both the academic and the practitioner. The book is divided into
three parts. The first part deals with the general framework for
commodity risk management, the second part focuses on the use of
derivative security contracts in commodity risk management, and the
third part deals with applications to three specific situations. As
a textbook, this book is designed to appeal to classes at a senior
undergraduate/MBA/MA levelof training in Finance, financial
economics, actuarial science, management science,
agriculturaleconomics and accounting. There will also be interest
for the book as: a monograph for research libraries, a handbook for
individuals working in the commodity risk management industry, and
a guidebook for those in the general public interested in topics
like farm risk management or the assessment of hedging practices of
publicly-traded commodity producers.
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