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Commodity Markets and Structured Commodity Finance

Day One

Fundamentals of Spot and Forward Commodity Markets

  • Outlook of Commodity Markets
  • Price Formation in Commodity Spot Prices
  • Commodity Exchanges: The Old and the New
    • The Importance of Liquid Indexes for the Growth of Derivatives
    • Shipping as an Important Part of Commodities Trading
    • Trade Finance as a Profitable Activity
    • Bill of Lading and Letters of Credit
    • Commodity Inventory Finance: Famous losses involving major banks
  • Inventory and Commodity Spot Price Volatility
    • Theory of Storage and Convenience Yield
    • Carry Trade Relationship and Shape of the Forward Curve
  • Margin Deposits and Margin Calls in Futures Trading
  • Futures and Forwards
  • Swaps

Metals

  • Base Metals
    • Aluminium
    • Copper
    • Nickel, Tin, Lead, Zinc
    • Iron Ore and Steel
    • The London Metal Exchange
    • Warehouses and Recent Delivery Problems
    • The New Exchanges: Shanghai, Singapore
  • Precious Metals
    • Gold over the last 10 years
    • Silver
    • Platinum, Palladium and their specific risks

Energy

  • Crude Oil and Oil Refined Products
  • Oil Forward Curves over the last ten years
  • Changes in the Forward Curve and Trading Strategies

Case Study: Hedging Strategies for an Industrial Producer/Consumer


Day Two

Energy (cont.)

  • Natural Gas, Shale Gas and LNG
  • Coal and the contrasted situation across major countries
  • Electricity and its current sources. The example of Germany
  • Uranium
  • Rare Earths, Cement and Raw Materials. The case of China

Risk Management of Commodities and Raw Materials

  • The Use of Options to Hedge or Get Exposure to Commodity Prices
  • Plain Vanilla Options on Futures
  • Traded Average Price Options (TAPOs) and Average Rate Swaps on the LME
  • Exchange and Spread Options
  • Volatility Skew/Smile in Commodities
  • Valuation of Physical Assets. The example of a Power Plant, an Aluminium Smelter, a Gas Storage Facility

Agricultural Commodities

  • Weather Risk and Country Risk in Agricultural Commodities
  • Hedging Agricultural Risk with Weather Derivatives
  • Fertilizers and Fertilizer Swaps
  • Volatility in Corn and Wheat Prices
  • Coffee, Cocoa, Sugar
  • Water as a Crucial Commodity

Investing in Commodities

  • The different vehicles
  • Structured Notes on Commodities
  • Investing in Shares of Commodity - Mining companies
  • Mergers, Acquisitions and IPOs in the Mining world
  • The Challenges in building and managing a Commodity Index
  • Commodity as Collateral


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