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Erschienen in:

2021 | OriginalPaper | Buchkapitel

3. Risk Management in Global Commodities

verfasst von : Dr. Murad Harasheh

Erschienen in: Global Commodities

Verlag: Springer International Publishing

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Abstract

In this chapter, I present a variety of tools used in managing and mitigating different types of risks in the global commodity business. For example, insurance is a risk-sharing technique that is used to mitigate event and operational risks, diversification is a risk-reduction technique to mitigate strategic, operational, and financial risks, while hedging is a risk-transfer technique used to mitigate price and quantity risks. We will see more details on how hedging works using different types of commodity derivatives and the different kinds of markets interacting globally for risk management in commodities.

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Vorheriges Kapitel The Global Supply Chain of Commodities

Nächstes Kapitel Financial Aspects of Commodities

Genetically Modified Objects: a theme was hot until almost 10 years ago when research and technologies have advanced in showing the impacts of GMOs and prohibit them in many countries.

In other contexts, similar tools are used such as the radar or the heat map locating events and assigning different signals for the event importance.

TTF is the Netherlands’ Title Transfer Facility, Europe’s most liquid virtual gas trading point.

This is part of what is called “financialization of commodity markets” that will be covered in the next chapter.

A convenience yield is an implied return on holding inventories. It is an adjustment to the cost of carry in the non-arbitrage pricing formula for forward prices in markets with trading constraints.

Hedging does not often result in a perfect hedge. The partial hedge is when the value of the futures contract does not perfectly correspond with the firm’s exposure, this is referred to “Basis risk.”

In trading, we refer to “buy” as a “long position” and “sell” as a “short position.”

Options are derivatives like forwards and futures, they are standardized and exchange-traded, but they give the option rather than the obligation to exercise the contract.

Berk, J., & DeMarzo, P. (2017). Corporate Finance (4th ed.). Harlow: Pearson Education Limited.

Brealey, R., Myers, S., & Allen, F. (2019). Principles of Corporate Finance (13th ed.). New York: McGraw-Hill Education.

Trafigura. (2019). Commodities Demystified a Guide to Trading and the Global Supply Chain Second Edition. https://www.commoditiesdemystified.info/pdf/CommoditiesDemystified-en.pdf.

Titel: Risk Management in Global Commodities
verfasst von: Dr. Murad Harasheh
Verlag: Springer International Publishing
Buch: Global Commodities
Print ISBN: 978-3-030-64025-5

Electronic ISBN: 978-3-030-64026-2

Copyright-Jahr: 2021
DOI: https://doi.org/10.1007/978-3-030-64026-2_3