Download Commodity trade and finance by Michael Tamvakis PDF

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By Michael Tamvakis

What impacts the provision of oil? How vital is the elements in selecting grain costs? Why has the cost of copper skyrocketed?

This exact book analyses the economics of key commodity teams, together with power, agriculture and metals. It examines the supply/demand basics of numerous significant and minor commodities, actual features, construction and intake styles, exchange flows and pricing mechanisms. It additionally explains the major instruments used to hedge fee hazard, resembling futures, concepts and swaps.

This moment variation comprise has been totally revised and restructured, and comprises four new chapters, together with oil refining, electrical energy and cost possibility administration for strength, metals and agricultural commodities

This e-book is an necessary reference textual content for college students, teachers and people operating within the commodity business.

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Extra resources for Commodity trade and finance

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The quotation in bpd is quite useful because oil flow at the well head is usually measured in this unit, so that short-term (less than a year) supply changes become easier to comprehend in the market. In fact, this unit of measure is so popular that other energy commodities are often expressed in terms of barrels of oil equivalent or boe. Last, but not least, the price of oil itself, which is one of the most important energy benchmarks for the world economy, is expressed in $/bbl. A final note on this unit is the rather odd abbreviation bbl.

In practical terms, the rate of technical substitution shows how easily energy can be replaced by other input factors, and how easily different sources of energy can substitute one another in the same production process. This process is facilitated by technology, including innovations and increased efficiency in energy usage.

If, on the other hand, the focus is on energy consumption as part of the income generated in an economy, a more appropriate metric is consumption, say in toe again, but this time per unit or income, typically $1,000 of GDP. 13 shows the development path for a number of economies over the last 30 years, using this particular metric. 10 IEA world energy model overview Source: IEA (2012b, p. 13 Development of energy consumption per unit of income around the world Source: Author, compiled with data from World Bank (2013) Given the development path for energy consumption so far, what does the future hold?

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