Improving the Efficiency of Commodity Futures Markets PDF Download

Author: United States. Congress. Joint Economic Committee
Publisher:
ISBN:
Category : Commodity exchanges
Languages : en
Pages : 140

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Author: Chang Chen
Publisher:
ISBN:
Category :
Languages : en
Pages :

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Book Description
Current academic literature typically focuses on whether technical analysis rules are able to generate abnormal returns in commodity futures markets. While it is evident that the profitability of technical rules implies the existence of inefficiency in these markets, it does not answer the question of just how high the level of inefficiency is. The aim of this thesis is to introduce a measure of efficiency that is derived from the concept of temporary inefficiency. For this purpose, three different techniques are applied: Moving Averages, Trading Range Breakouts, and Filter Rules. Ten commodity futures markets are examined: corn, cotton, crude oil, gold, heating oil, live cattle, soybean, soybean oil, sugar, and wheat. The analysis is conducted on the basis of futures prices over a period of 20 years and four 5-year sub-periods. The finding from this thesis suggests that while it is true that none of the ten commodity markets is efficient, their degrees of inefficiency vary widely.

Author: George Angell
Publisher: Doubleday Books
ISBN:
Category : Business & Economics
Languages : en
Pages : 380

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Author: Graciela Kaminsky
Publisher:
ISBN:
Category :
Languages : en
Pages : 37

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This paper undertakes an econometric investigation into the efficiency of commodity futures markets. Despite a considerable amount of empirical literature, there is no general consensus on whether or not the markets are efficient. The results of this study suggest that for certain commodities expected excess returns to futures speculation are non-zero, however, it is argued that these results do not necessarily imply that markets are inefficient, or that agents do not act rationally. The implications of the study for the cost of using the futures markets for hedging, and for the power of futures prices to forecast future spot prices, are also noted.

Author: John Baffes
Publisher: World Bank Publications
ISBN: 9780821345887
Category : Business & Economics
Languages : en
Pages : 308

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Agricultural commodity markets in many developing countries are being reformed and are being based on market forces rather than regulated prices and official monopolies. This book discusses reforms in the markets for cocoa, coffee, cotton, grains, and sugar and looks at the reasons for success and failure.

Author: H. Kent Baker
Publisher: Oxford University Press
ISBN: 0190656034
Category : Business & Economics
Languages : en
Pages : 681

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Book Description
Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets by describing and analyzing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. It begins with the basics of commodity markets and various investment vehicles. The book then highlights the unique risk and return profiles of commodity investments, along with the dangers from mismanaged risk practices. The book also provides important insights into recent developments, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. Readers of Commodities: Markets, Performance, and Strategies can gain an in-depth understanding about the multiple dimensions of commodity investing from experts from around the world. Commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. The authors provide insights in a range of areas, from the economics of supply and demand for individual physical commodities through the financial products used to gain exposure to commodities. The book balances useful practical advice on commodity exposure while exposing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets.

Author: Mr.Rabah Arezki
Publisher: International Monetary Fund
ISBN: 1484330714
Category : Business & Economics
Languages : en
Pages : 112

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Book Description
A survey of the complex and intertwined set of forces behind the various commodity markets and the interplay between these markets and the global economy. Summarizes a rich set of facts combined with in-depth analyses distillated in a nontechnical manner. Includes discussion of structural trends behind commodities markets, their future implications, and policy implications.

Author: Barry Goss
Publisher: Routledge
ISBN: 113497521X
Category : Business & Economics
Languages : en
Pages : 252

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Book Description
Do traders in futures markets make use of all relevant information and is this reflected in prices? This collection of original essays by a team of international economists considers these and other questions central to futures markets.

Author: Graciela Laura Kaminsky
Publisher:
ISBN:
Category : Commercial products
Languages : en
Pages : 36

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Book Description

Author: George Kleinman
Publisher: FT Press
ISBN: 0133444104
Category : Business & Economics
Languages : en
Pages : 1423

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Book Description
A brand new collection of high-profit commodity trading techniques and insights All the knowledge you need to start earning consistent profits in commodities trading! You can make huge profits by trading commodities – if you know how. You must know how these markets work, how they’re different, where the risks are hidden, and how to avoid the mistakes too many beginners make. You need realistic, up-to-the-minute strategies, skills, and knowledge from experts who trade commodities every single day. This unique 2 book package delivers all that. In A Trader’s First Book on Commodities: An Introduction to the World’s Fastest Growing Market, Second Edition, Carley Garner offers specific and current guidance on accessing commodity markets cost-effectively, and systematically improving your odds of successful, profitable trades. Garner covers new trading platforms, contracts, fees, and strategies, and offers a clear-eyed look at today’s realities, including the scandalous failures of MF Global and PFG Best. Drawing on extensive experience teaching traders, Garner shows how to calculate profit, loss, and risk in commodities; and choose the best brokerage firm, service level, data sources, and more. She demystifies the industry’s colorful language, helps you clearly understand every trade you make, walks you through the entire process, and illuminates everything from logistics to psychology. Next, in Trading Commodities and Financial Futures, A Step-by-Step Guide to Mastering the Markets, Fourth Edition, George Kleinman introduces powerful new trend-based techniques for identifying trades that fit right into your “sweet spot” for profits. You’ll learn how these markets have changed—and how to successfully use discipline to avoid today’s “shark-infested waters.” Building on 30+ years of success, Kleinman offers updated coverage of electronic trading, new contracts, and advanced techniques, including his exclusive Pivot Indicator approach. You’ll learn how to develop the deep discipline that characterizes all winning commodities and futures traders, as you gain critical knowledge about each leading market, including agricultural commodities, energy, metals, soft commodities, and financials. Kleinman helps you master today’s most valuable technical analysis tools for trading commodities, and even reveals 25 indispensable trading secrets of the pros. From world-renowned commodities trading experts George Kleinman and Carley Garner