Автор работы: Пользователь скрыл имя, 07 Января 2013 в 22:31, доклад
Unlike brand name products, commodities are goods that have a universal price around the world. Gold, for example, has the same price per ounce in Brazil and Bombay, whereas the price of a toaster oven or even a T-shirt varies depending on the brand and the place in which it is sold. Commodities are not strictly limited to so-called ‘pure’ elements like gold. A commodity can be refined from a raw element, as oil is refined from petroleum. A commodity can also be mined directly from the Earth, such as a metal, or it can also be an agricultural product, like eggs. In some cases, a commodity can be an abstract financial tool that is universal, such as the fluctuations in interest rates.
Introduction 2
Chapter I. Commodity and Commodities exchanges 3
1 Definition of Commodity 3
2 Investing in Commodity Indexes 5
3 How Commodity Exchanges Work 7
4 What are Futures and Options? (Using technical analysis) 8
Chapter II. Dinamics of Prices and Fundamentals 10
1 Crude Oil 10
2 Selected Food Commodities 11
Conclusion 14
Bibliography 15
Commodity |
Main Exchange |
Contract Size |
Trading Symbol |
Agricultural (grains, and food and fiber) | |||
Corn |
CBOT |
5000 bu |
C/ZC (Electronic) |
Corn |
EURONEXT |
50 tons |
EMA |
Oats |
CBOT |
5000 bu |
O/ZO (Electronic) |
Rough Rice |
CBOT |
2000 cwt |
RR |
Soybeans |
CBOT |
5000 bu |
S/ZS (Electronic) |
Rapeseed |
EURONEXT |
50 tons |
ECO |
Soybean Meal |
CBOT |
100 short tons |
SM/ZM (Electronic) |
Soybean Oil |
CBOT |
60,000 lb |
BO/ZB (Electronic) |
Wheat |
CBOT |
5000 bu |
W/ZW (Electronic) |
Milk |
Chicago Mercantile Exchange |
200,000 lbs |
DC |
Cocoa |
ICE |
10 tons |
CC |
Coffee C |
ICE |
37,500 lb |
KC |
Cotton No.2 |
ICE |
50,000 lb |
CT |
Sugar No.11 |
ICE |
112,000 lb |
SB |
Sugar No.14 |
ICE |
112,000 lb |
SE |
Frozen Concentrated Orange Juice |
ICE |
15,000 lbs |
FCOJ-A |
Livestock and meat | |||
Lean Hogs |
Chicago Mercantile Exchange |
40,000 lb (20 tons) |
LH |
Frozen Pork Bellies |
Chicago Mercantile Exchange |
40,000 lb (20 tons) |
PB |
Live Cattle |
Chicago Mercantile Exchange |
40,000 lb (20 tons) |
LC |
Feeder Cattle |
Chicago Mercantile Exchange |
50,000 lb (25 tons) |
FC |
Energy | |||
WTI Crude Oil |
NYMEX, ICE |
1000 bbl (42,000 U.S. gal) |
CL (NYMEX), WTI (ICE) |
Brent Crude |
ICE |
1000 bbl (42,000 U.S. gal) |
B |
Ethanol |
CBOT |
29,000 U.S. gal |
AC (Open Auction) ZE (Electronic) |
Natural Gas |
NYMEX |
10,000 mmBTU |
NG |
Heating Oil |
NYMEX |
1000 bbl (42,000 U.S. gal) |
HO |
Gulf Coast Gasoline |
NYMEX |
1000 bbl (42,000 U.S. gal) |
LR |
Propane |
NYMEX |
1000 bbl (42,000 U.S. gal) |
PN |
Energy | |||
RBOB Gasoline (reformulated gasoline blendstock for oxygen blending) |
NYMEX |
1000 bbl (42,000 U.S. gal) |
RB |
Purified Terephthalic Acid (PTA) |
ZCE |
5 Tons |
TA |
Precious metals | |||
Gold |
NYMEX |
û |
û |
Platinum |
NYMEX |
û |
û |
Palladium |
NYMEX |
û |
û |
Silver |
NYMEX |
û |
û |
Industrial metals | |||
Copper |
London Metal Exchange, New York |
û |
û |
Lead |
London Metal Exchange |
û |
û |
Zinc |
London Metal Exchange |
û |
û |
Tin |
London Metal Exchange |
û |
û |
Aluminium |
London Metal Exchange, New York |
û |
û |
Aluminium alloy |
London Metal Exchange |
û |
û |
Nickel |
London Metal Exchange |
û |
û |
Cobalt |
London Metal Exchange |
û |
û |
Molybdenum |
London Metal Exchange |
û |
û |
Recycled steel |
Rotterdam (source?) |
û |
û |
Exchange |
Relevant derivatives |
Relative importance |
Chicago Board of Trade (CBOT) - part of CME Group |
Maize, soft red winter wheat - futures, options wheat-maize inter-commodity spread options |
Leading exchange for soft red winter wheat and maize |
Dalian Commodity Exchange (DCE, China) |
Maize - futures |
Most important exchange for maize in Asia |
Intercontinental Exchange (ICE) |
United States: cocoa, raw sugar (no. 11) - futures and options Europe: Brent, WTI - futures and options Canada: barley - futures and options OTC: crude oil (various) - swaps |
Leading exchange for raw sugar and cocoa futures (ICE Futures United States) and Brent crude oil futures (ICE Futures Europe) |
Kansas City Board of Trade (KCBT) |
Hard red winter wheat - futures
and |
Specialized exchange for wheat |
Minneapolis Grain Exchange (MGEX) |
Hard Red Spring Wheat Index (HRSI), Hard Red Winter Wheat Index (HRWI), Soft Red Winter Wheat Index (SRWI), National Corn Index (NCI) - futures and options |
Leading exchange for hard red spring wheat |
Multi Commodity Exchange of India (MCX) |
Brent crude oil, crude oil, barley, wheat, feed maize, white sugar |
Among leading exchanges for crude oil |
New York Mercantile Exchange (NYMEX) - part of CME Group |
Cocoa, raw sugar (No.11) - futures (settlement: financial) WTI, Brent, others - futures and options |
Leading exchange for light, sweet crude oil futures; Among leading exchanges for other commodities |
NYSE LIFFE |
London: white sugar, cocoa, feed wheat - futures and options Paris: milling wheat, malting barley, maize - futures and options |
European exchange for agricultural commodities |
Zhengzhou Commodity Exchange (ZCE, China) |
Hard white wheat, strong gluten wheat, white sugar - futures |
Largest number of contracts for white sugar, but contract size is 20 per cent of that at NYSE LIFFE |
Source: Websites of the respective exchanges and Futures Industry Association. a Concerning the six commodities analysed in this study: barley, cocoa, crude oil, maize, sugar and wheat. | ||