Introduction to Commodity Markets

Presentation of energy markets (oil, gas and electricity)
  • History, characteristics and geopolicies of oil, gaz and electricity markets
  • OTC and regulated markets
  • Links between physical and financial markets for the main commodities
  • Role and importance of every player in this market
  • Price formation analysis
  • Using the price term structure to hedge risks
  • Price interactions between the oil, gaz and electricity markets
Use of derivatives in energy markets
  • Definition, use and mechanics of futures and options
  • Hedging price risks
  • Examples of simple strategies
  • Examples of combined strategies
  • Elements of options pricing
  • Which elements define the prime of an option?
  • Why do we need a pricing model?
  • What is volatility?
  • Definitions of intrinsic and time values
  • Risk management of options
International trade of commodities
  • Trends and current outlook
  • Cereal markets
Physical and future cereal markets
  • Fundamentals and market structure
  • Forward markets
  • Relationship between the price of cereals and the price of derivatives
  • Interpretation, forecast and evolution of agricultural commodities prices
From market analysis to management policy
  • Market analysis
  • Definition of a management framework
  • Hedging strategies used by the agricultural sector key-player
Presentation of metal markets
  • Underlying and uses
  • Role of metal markets in the industry and global economy
  • Interactions between geopolitics, global economy and price of metals
  • Key-players in the market
  • Term price structure
  • Example of an organised market: LME, history, organisation and products

  • Know the geopolitical fundamentals of commodity markets and understand the importance of commodity markets for international trade
  • Know the types of interaction phenomenon existing in between several market compartments
  • Analyse iron, steel and non-ferrous metal markets
  • Understand the current issues revolving around energy markets
  • Master the use of commodity derivatives when hedging positions
  • Implement a dynamic hedging policy
  • Understanding of energy markets and their participants
  • Understanding the risks involved in order to optimize hedging capacities
  • Very operational presentation on the use of commodity derivatives as hedging tools
  • Fund managers
  • Commodity salespeople
  • Dealing room support staff (middle and back office)
  • Internal controls / Audit / Inspection
  • Jurists and tax experts
  • Corporate financial divisions
  • Financial divisions
  • Commodity producers
  • Energy consumers
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