Covering Commodities and Other Exotic Financial Products What

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Covering Commodities and Other Exotic Financial Products

Covering Commodities and Other Exotic Financial Products

What Is a Commodity? • Energy • Metals • Agriculture

What Is a Commodity? • Energy • Metals • Agriculture

What Is a Commodity? • A commodity needs to be tradable. • A commodity

What Is a Commodity? • A commodity needs to be tradable. • A commodity must also have buyers.

Gold rush

Gold rush

Today’s Gold Market • Still popular for jewelry • A hedge against inflation •

Today’s Gold Market • Still popular for jewelry • A hedge against inflation • Solid backup to more volatile investments

Heavy selling in 2013

Heavy selling in 2013

OIL AS A LEADING COMMODITY • Two basic forms of oil: üCrude oil üPetroleum,

OIL AS A LEADING COMMODITY • Two basic forms of oil: üCrude oil üPetroleum, which is refined oil, popularly known as gas in the United States and petrol in the UK.

Oil as a Commodity • Oil in the Headlines • Black gold • Themes

Oil as a Commodity • Oil in the Headlines • Black gold • Themes on oil: Øpollution stories Øinsurance stories Øaircraft stories Øpiracy stories Øpipelines Økidnappings Ødisagreements between states

Determinants of oil price • Oil-producing countries (cut back on production)

Determinants of oil price • Oil-producing countries (cut back on production)

The Struggle to Control Oil • The cause of power struggles • Top three

The Struggle to Control Oil • The cause of power struggles • Top three oil-producing countries: Russia, Saudi Arabia, and the United States • OPEC: the Organization of Petroleum Exporting Countries • Alternative sources of oil: shale • “fracking” (hydraulic fracturing)

Oil Trading • ICE Futures: the London-based International Petroleum Exchange • NYMEX: the New

Oil Trading • ICE Futures: the London-based International Petroleum Exchange • NYMEX: the New York Mercantile Exchange • Chicago Mercantile Exchange

Precious Metals as a Commodity • • The London Metals Exchange in London NYMEX

Precious Metals as a Commodity • • The London Metals Exchange in London NYMEX in New York Zurich in Switzerland Hong Kong

The silver market • Drought or crop blight in tea- or cotton producing countries

The silver market • Drought or crop blight in tea- or cotton producing countries • India

The Diamond Market • A “girl’s best friend”: cosmetic purposes • Antwerp: Belgian city

The Diamond Market • A “girl’s best friend”: cosmetic purposes • Antwerp: Belgian city • Amsterdam • • South African (De. Beers) Russian The black market the International Diamond Council

Agriculture • • • Grains (wheat, oats, barley) Soybeans Oilseeds Livestock Dairy products Lumber

Agriculture • • • Grains (wheat, oats, barley) Soybeans Oilseeds Livestock Dairy products Lumber Coffee Sugar Cocoa

Themes on agricultural products • • • Famine Hunger riots Plant and animal diseases

Themes on agricultural products • • • Famine Hunger riots Plant and animal diseases Genetically modified foods (super foods) Environmental stories

Reporting on Commodities • Other exotic financial instruments • Derivatives embrace market trading methods

Reporting on Commodities • Other exotic financial instruments • Derivatives embrace market trading methods known as futures contracts, swaps, and exchange -traded commodities—all traded on commodities exchanges • 单位换算：e. g. 1 亩=0. 0667公顷/0. 17英亩 • 棉花中国用“担”计，一担等于50公斤；美国用 “捆”(bale)计, 一捆等于480磅，1吨为 4，593捆

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