Commodity Trade and Finance
Index
Index
Adelman, M.A. 54
Africa 83 – 4 , 258 – 9 , 399 , 448 , 464
agglomeration 251 – 2
agriculture 26 , 347 – 50 , 362 ; demand 355 – 60 ; derivatives 479 – 86 , 488 – 94 , 496 – 500 ; inputs 350 ; policies 382 – 6 , 396 , 400 ; pricing 360 – 2 , 468 – 79 ; supply 351 – 5 ; trade 360 – 1 ; see also cocoa; coffee; grains; sugar
Alfonso, P. 63
Alhajji, A.F. 56
alkylation 110
alloying metals 234
aluminium 282 – 3 , 295 – 6 ; demand 290 – 1 ; supply 283 – 90 ; trade 291 – 5 ; see also metals
animal produce 349 – 50
arbitrageurs 206 , 322 , 479 – 80
Argentina 372 , 385
Asia Pacific: agriculture 379 – 80 , 386 , 399 ; coal 160 , 164 – 5 ; gas 134 – 6 , 149 ; oil 67 , 70 – 1 , 86 , 97 – 8 ; soft commodities 446 , 464
Asian option 229 , 343 – 4 , 498 – 9
asphalt 110
Atkin, M. 376 , 382 – 4
Australia 167 , 256 – 7 , 275 , 372 , 385 , 464
Azerbaijan 84
barley 392
barrel 4 – 5
base metals 234
bauxite 283 – 4 , 291 , 295
Bayer, K.J. 283
beet 456 – 7
Bekkala, J.A. 257
benchmarks 88 – 97
Bentzen, J. 56
Black, F. 231 , 345 , 500
blending 433 – 4
Bolis, J.L. 257
Boyle, G. 1 – 2 , 192
Brazil 85 ; coffee 423 – 5 , 428 – 31 , 437 ; iron/steel 250 , 256 , 275 ; sugar 457 – 8 , 462 , 464
Brent crude 79 – 80 , 88 – 93
Brownian motion 203 – 4 , 320 – 1 , 477 – 8
Btu 4
calendar 215 , 335 , 488
calorie 4
Canada 69 , 82 – 3 , 160 , 255 – 6 , 414
cap 225 – 6 , 338 – 9 , 382 – 3 , 400 , 493 – 5
capacity factor 184
capital 10 , 240 , 427
car 23 – 4 , 108
cash settlement 212 , 328 , 486
catalytic cracking 106 – 8
CBOT 410 , 413
CCTs 156 – 7
Chicago Board of Trade see CBOT
Chile 300 – 3 , 305
China 13 , 24 , 311 ; aluminium 286 – 8 , 291 ; coal 160 , 164 – 5 , 167 – 8 , 170 ; copper 300 – 2 ; gas 149 ; grains 372 , 386 , 391 – 5 ; oil 59 , 66 – 9 , 113 , 120 – 1 ; steel 258 , 270 , 272 , 277 – 8 , 281
Churchill, W. 31
Chrystal, A. 21
climate change 156 , 165 – 6
CME 484 – 6 , 488 – 90 , 492
coal 28 , 152 – 60 , 172 – 3 ; demand 160 – 6 ; electricity 179 – 81 , 183 ; pricing 169 – 72 ; trade 166 – 9 ; see also energy
coal tar 156
coarse grains 372 – 7 , 389 – 92
coating 269
cobweb model 409 – 10
cocoa 442 – 5 , 450 – 3 ; demand 449 – 50 ; supply 445 – 8 ; see also agriculture
coffee 420 – 5 , 435 – 42 ; supply 425 – 30 ; see also agriculture
coking 106 , 154 – 5 , 166 – 8 , 170
cold working 268 – 9
collar 228 – 9 , 342 – 3 , 497 – 8
Colombia 85 , 429
commodity exchanges see exchanges
companies: aluminium 288 – 90 ; coal 168 – 70 ; coffee 441 ; copper 302 – 3 ; grain 416 – 8 ; iron 254 – 60 ; oil 30 – 2 , 35 – 6 , 40 – 2 , 50 – 2 , 74 – 7 , 80
consignment 412 – 3
consumption: energy 12 – 26 , 132 – 6 , 164 – 6 ; food 356 – 8 , 449 – 50 , 463 – 4 ; oil 57 – 60 , 116 – 21
contracts 86 , 145 , 171 – 2 ; forward 210 , 326 , 483 – 4 ; futures 210 – 5 , 326 – 9 , 484 – 8 ; LME 330 – 4 ; LTCs 145 , 246 – 7 , 270 , 272 ; option 222 – 32 , 337 – 46 , 492 – 500 ; spread 215 – 8 , 335 , 488 – 91 ; swap 218 – 21 , 335 – 7 , 492
copper 297 – 8 , 309 ; demand 303 – 4 ; pricing 307 – 9 ; supply 298 – 303 ; trade 304 – 5 ; see also metals
corn 372 – 7 , 390 – 1 , 409 ; see also agriculture; grain
costs 8 , 10 – 1 , 19 – 20 , 157 – 8 , 189 – 90
Côte d’Ivoire 446 – 8 , 452
cracking 105 – 7
crops 348 – 9 ; see also agriculture
cross-commodity 215 – 6 , 335 , 488 – 9
crude oil see oil
cubic metre/foot 6 – 7
dairy 350
Dand, R. 448
de Graaff, J. 428
demand: electricity 175 – 9 , 187 – 9 ; energy 12 – 26 , 132 – 6 , 160 – 6 ; food 355 – 60 , 386 – 96 , 430 – 5 , 449 – 50 ; metals 243 – 5 , 290 – 1 , 303 – 4 ; oil 32 , 34 – 40 , 132 – 6 ; soft commodities 430 – 5 , 449 – 50 , 462 – 4
deregulation 185 – 6
derivatives: agriculture 479 – 86 , 488 – 94 , 496 – 500 ; energy 196 – 206 , 209 – 18 , 220 – 32 ; metals 321 – 2 , 326 – 8 , 330 – 46
Deterding, H. 31
disease 365
distillates 101 – 3 , 109 – 10
Dubai 83 , 96 – 7
economic theory 8 – 9
EFP 212 , 327 – 8 , 485
EIA 18 , 129 , 165
elasticity 357 – 8
electricity 2 , 174 – 5 , 189 – 92 ; demand 175 – 9 , 187 – 9 ; supply 179 – 89
elevator 412
energy 1 – 7 ; demand 12 – 26 ; derivatives 196 – 206 , 209 – 18 , 220 – 32 ; prices 193 – 205 ; supply 7 – 12 ; see also coal; natural gas; oil
equity 8
ethylene plant 111
Europe: agriculture 370 – 2 , 382 – 3 , 396 – 400 ; coal 158 – 9 ; iron ore/steel 254 – 5 , 259 – 60 , 273 – 4 ; natural gas 132 , 148 – 9 ; oil 31 – 5 , 61 , 67 , 118 ; soft commodities 431 – 3 , 437 – 41 , 464
Everett, B. 192
exchanges 214 , 328 , 362 , 439 – 42 , 484 – 6 , 488 – 90 , 492 ; see also contracts
exploration 44 – 6 , 126 , 157
extraction 46 – 7 , 237 – 42
Ezekiel, M. 409
Fattouh, B. 87 , 96
Feekes scale 368 – 9
fertilisers 352
financial: crisis 39 , 202 ; institutions 42
fiscal regime 10
fish 350
Fish, P.M. 248
floor 226 – 7 , 341 – 2 , 494 – 7
food see agriculture
forward contracts 210 , 326 , 483 – 4
fracking see shale gas
France 420 – 1
fruits/vegetables 349
Fry, J. 442 – 3
fuel 108 – 10 , 182
furnaces 260 – 2 , 264 – 7
future prices 206 – 9 , 322 – 6 , 480 – 3
futures contracts 210 – 5 , 326 – 9 , 484 – 8
Gary, J.H. 101 , 107
gas see natural gas
gasoline 108 – 9
GDP 12 – 3
geology 44 , 237 – 9
Ghana 446
Gibson, R. 205 , 321 , 479
gold 234
government policy 9 – 10 , 51 – 2 ; agriculture 347 – 8 , 361 – 2 ; grains 382 – 6 , 396 , 400 ; soft commodities 428 – 30 , 461 , 464 – 6
grades 408
grains 348 – 9 , 363 – 6 , 410 – 8 ; demand 386 – 96 ; pricing 406 – 10 ; supply 366 – 77 , 379 – 86 ; trade 396 – 406 , 416 – 8
graphite 155 – 6
Greeks
231 – 2 , 345 , 500
greenhouse gases see climate change
Gülen, S.G. 56
Hall, C.M. 282 – 3
hard coal 154 , 166
Hartwick, J.M. 8
harvesting 365 – 6
hedgers 205 – 6 , 321 – 2 , 479
hedging 225 – 8 , 332 – 42 , 488 – 97
Héroult, P.L.T. 282 – 3
Horan, S.M. 56
hot rolling 268
Hotelling, H. 7
household see residential sector
Huettner, D. 56
hydraulic fracturing see shale gas
hydrocarbons 12 , 42 – 3 ; see also coal; natural gas; oil
hydrocracking 107
hydroelectricity 181
ICCA 448
IEA 17 – 8 , 46 , 165
income 360
India 60 , 113 – 5 , 164 – 5 , 257 – 8 , 458 , 462 , 464
indifference curve 356 – 7
Indonesia 86 , 291 , 446
industrial sector 18 – 21 , 40 – 2 , 162 , 241
IOCs 40 – 1 , 51 – 3
Iran 76 – 7
iron 234 , 248 – 50 , 260 – 3 , 278 – 81 ; pricing 271 – 3 ; supply 250 – 60 ; trade 274 – 6
ISO 187 – 9
isomerisation 110
Japan 136 , 148 , 168 , 274 ; agriculture 386 , 417 ; oil 59 – 60 , 62 , 118 – 20
Johnston, D. 10
joule 3 – 4
Kaltschmitt, M. 192
Kasriel, K. 10
Kaufmann, R.K. 56
Kazakhstan 84 , 259
Keynes, J.M. 206 , 322 , 480
Kohl, W.L. 56
Kujundzic, A. 56
labour 158 , 240 , 352 – 4 , 427 , 448 , 458 – 60
Labys, W.C. 240 – 1
lags 240 – 1
land 352 , 460
Latin America 85 – 6 , 420 – 1 , 445 – 6 , 464
LCOE 189 – 91
Leffler, W.L. 45 , 101 , 108
legumes 349
Liberia 258
Libya 77 , 85
light metals 234
lignite 153 – 4
Lin, S.X. 56
Lipsey, R. 21
liquefied natural gas see LNG
LME 247 – 8 , 274 , 307 , 328 – 34
LNG 142 – 7
load duration curve 178 – 9
Loderer, C. 56
London Metal Exchange see LME
long term contracts see LTCs
LTCs 145 , 246 – 7 , 270 , 272
lubricants 110 – 1
Malaysia 86
Marcel, V. 41
marginal utility 8 , 355 – 6
marketing: cocoa 450 – 2 ; coffee 435 – 7 ; grain 410 – 6 ; sugar 464 – 6
markets see demand; derivatives; supply
Mauritania 258
measurement 2 – 7 , 126
meat 350
Mediterranean 84 – 5
merit order dispatch 187 – 8
Merton, R.C. 204 , 231 , 345 , 478 , 499 – 500
metallurgy 242 – 3
metals 233 – 5 ; demand 243 – 5 ; derivatives 321 – 2 , 326 – 8 , 330 – 46 ; fabricators 243 , 245 – 7 ; pricing 245 – 8 , 310 – 26 ; supply 235 – 43 ; see also aluminium; copper; iron; steel
Mexico 85
Middle East 134 , 464 ; oil 31 – 8 , 62 – 5 , 69 – 72 , 76 – 7 , 83 , 113
minerals see metals
mining 235 – 42
Mitchell, G. 128
modelling 320 – 1 , 477 – 9 ; see also Brownian motion; price series
moulding 267 – 8
natural gas 124 – 32 , 150 – 1 ; demand 132 – 6 ; electricity 181 ; pricing 147 – 50 ; trade 136 – 47 ; see also energy
Nelson, W. 111 – 2
Nordhaus, W.D. 7 – 8
North Sea 64 , 79 – 80
Norway 80
nuclear 2 , 181 – 2
oats 391
offsetting 212 , 327 , 484
oil 28 – 40 , 42 – 7 , 78 – 86 , 99 ; consumption 57 – 60 , 116 – 21 ; electricity 181 ; industry 40 – 2 ; ownership 50 – 3 ; pricing 73 – 8 , 86 – 98 , 148 ; production 53 – 7 ; refining 101 – 13 , 115 – 6 , 122 – 3 ; reserves 47 – 50 ; trade 60 – 72 ; see also energy
oil shock 20 – 3 , 35 – 9 , 64 – 5
OPEC 35 – 8 , 54 – 7 , 65 – 6 , 70 , 76 – 8
option contracts 222 – 32 , 337 – 46 , 492 – 500
ownership see production; supply
PADDs 81 – 2
parameters 231 – 2
participants 205 – 6 , 321 – 2 , 479 – 80
pests 365
petrochemicals 58
physical delivery 212 – 3 , 328 , 486
Pinney, G. 289 – 90
pipelines 130 – 2 , 138 – 42
policies see government policy
politics 140 – 1
population 358 – 9
power stations 179 – 89
PRAs 88
precious metals 234
price convergence 208 – 9 , 324 , 481
price series 196 , 311 – 2 , 469 – 70
pricing: agriculture 360 – 2 , 406 – 10 , 468 – 79 ; energy 147 – 50 , 169 – 72 , 193 – 205 ; metals 245 – 8 , 271 – 4 , 295 , 307 – 26 ; oil 73 – 8 , 86 – 98 ; options 231 – 2 , 344 – 6 , 499 – 500 ; soft commodities 435 – 41 , 450 – 3 , 460 – 1 , 466 ; see also future prices; oil shock; spot prices
private tender 415
privatisation see deregulation
processing 251 – 2 , 267 – 9 , 427 – 8
production: costs 19 – 20 ; crops 351 – 5 , 364 – 6 ; energy 53 – 7 , 129 – 32 , 157 – 60 ; metals 252 – 60 , 300 – 3 ; soft commodities 425 – 7 , 461 – 2 ; see also supply
protective put 341 – 2
PSCs 52 – 3
public tender 415
Qatar 143 – 4
quanto 230 , 344 , 499
rainfall 423
rare earths 234 – 5
raw material-product 216 – 8 , 489 – 90
Rawls, J. 8
Raymond, M.S. 45
refining 101 – 13 , 115 – 6
renewables 181 , 183
reserves: coal 158 – 60 ; gas 126 – 9 ; iron ore 252 – 60 ; oil 47 – 50
residential sector 21 – 3 , 176
resources 7 , 47 – 8 , 241 – 2
returns 196 – 9 , 312 – 5 , 470 – 3
rice 377 – 82 , 394 – 6 , 402 – 5
risk 10
roasting 434 – 5
Rockefeller, J.D. 29 – 30
Rogers, H. 148
Royal Dutch Shell 31 , 74
Russia: coal 159 ; grains 370 , 397 – 402 ; iron/steel 259 – 60 ; natural gas 130 , 132 – 4 , 140 – 1 , 151 ; oil 61 , 70 , 84
Samuel, M. 31
Saudi Arabia 65 , 69 – 70 , 78
Scholes, M. 231 , 345
Schwartz, E. 205 , 321 , 479
shale gas 125 , 127 – 30
silo see elevator
smelting 285 – 6 , 299
soft commodities see cocoa; coffee; sugar
soil 364 , 422
Solow, R.M. 7 – 8
South Africa 258 – 9
South America 256
soya beans 377 , 392 – 4 , 405 – 6 , 409
speculators 206 , 322 , 479
spot prices 87 – 90 , 206 – 9 , 272 – 3 , 322 – 6 , 439 – 41 , 480 – 3
spread contracts 215 – 8 , 335 , 488 – 91
Standard Oil 29 – 30 , 73 – 4
steam coal 163 , 166 – 7 , 171
steel 260 – 70 , 278 – 81 ; pricing 273 – 4 ; trade 276 – 8
Stern, J. 148
storage 94 – 5 , 136 ; theory of 206 , 322 , 480 – 1
subsidies 382 – 3 , 385
sugar 453 – 7 , 464 – 7 ; demand 462 – 4 ; supply 457 – 62
supply: electricity 179 – 89 ; energy 124 – 6 , 157 – 60 ; grains 251 – 5 , 366 – 77 , 379 – 86 ; metals 235 – 43 , 250 – 60 , 283 – 90 , 298 – 303 ; soft commodities 425 – 30 , 445 – 8 , 457 – 62
swap contracts 218 – 21 , 335 – 7 , 492
Sweden 254 – 5
Tamvakis, M. 56
tar 156
Tarbell, I. 30
Tarring, T.J. 289 – 90
tastes 360
taxonomy 233 – 5 , 348 – 50
TCRC
307 – 9
technology 9 , 20 , 239 – 40
term contracts 86
Thailand 464
theory of storage 322 , 480 – 1
therm 4
thermal cracking 105 – 6
tonne 5 – 6
trade: agriculture 360 – 1 , 396 – 406 ; energy 136 – 47 , 166 – 9 ; metals 274 – 8 , 291 – 5 , 304 – 5 ; oil 60 – 72 , 121 – 2 ; soft commodities 437 – 41 , 452 – 3 , 464 – 7
transport 23 – 5 , 58 , 360 – 1 , 414
twenty-first century 66 – 72
UK 65 , 74 , 80 , 176 – 7 , 203
Ukraine 259 – 60 , 370
unconventional oil 46 – 7
US 7 , 11 , 23 – 4 , 116 – 8 ; agriculture 383 – 5 ; coal 159 – 60 , 167 ; grains 370 , 374 – 7 , 391 , 396 – 7 , 411 – 4 ; metals 255 – 6 , 273 – 4 , 277 – 8 ; natural gas 128 – 30 , 132 , 141 – 2 , 144 – 5 , 148 – 51 ; oil 28 – 30 , 35 , 59 – 62 , 67 – 9 , 73 – 8 , 81 – 3 , 93 – 5 ; soft commodities 431 , 464
utility 8 , 355 – 6
van Houten, C.J. 443
vegetables see fruits/vegetables
Venezuela 63 – 4 , 76 , 85 , 256
Vietnam 429 , 437
volatility 199 – 205 , 315 – 21 , 473 – 7
volumetric options 230 , 344
war 32 – 4 , 62
watt 4 , 174 – 5
weather 426 – 7
West Africa 83 – 4
wheat 368 – 72 , 387 – 9
Wirl, F. 56
Wood, D. 10
Working, H. 206 – 8 , 322 – 3 , 480 – 1
WTI 81 – 2 , 93 – 5
WTO 386 , 461 – 2
Yergin, D. 33 – 4
Zadoks scale 368 – 9
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