Produktbild: Commodity Derivatives
Band 543

Commodity Derivatives Markets and Applications

Aus der Reihe The Wiley Finance Series

91,99 €

inkl. gesetzl. MwSt., Versandkostenfrei

Lieferung nach Hause

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

27.05.2021

Verlag

John Wiley & Sons

Seitenzahl

544

Maße (L/B/H)

24,8/18,2/3,7 cm

Gewicht

1158 g

Auflage

2. Auflage

Sprache

Englisch

ISBN

978-1-119-34910-5

Beschreibung

Produktdetails

Einband

Gebundene Ausgabe

Erscheinungsdatum

27.05.2021

Verlag

John Wiley & Sons

Seitenzahl

544

Maße (L/B/H)

24,8/18,2/3,7 cm

Gewicht

1158 g

Auflage

2. Auflage

Sprache

Englisch

ISBN

978-1-119-34910-5

Herstelleradresse

Libri GmbH
Europaallee 1
36244 Bad Hersfeld
DE

Email: gpsr@libri.de

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Die Leseprobe wird geladen.
  • Produktbild: Commodity Derivatives
  • Preface xi

    Chapter 1 Fundamentals of Commodities and Derivatives 1

    1.1 Market overview 2

    1.2 Market participants 3

    1.3 Traded versus non-traded commodities 6

    1.4 Forward contracts 8

    1.5 Futures 8

    1.6 Swaps 10

    1.7 Options 11

    1.8 Exotic options 14

    Chapter 2 Derivative Valuation 18

    2.1 Asset characteristics 18

    2.2 Commodity prices and the economic cycle 18

    2.3 Principles of commodity valuation 19

    2.4 Forward price curves 21

    2.5 Commodity swap valuation 32

    2.6 Principles of option valuation 39

    2.7 Measures of option risk management 44

    Chapter 3 Risk Management Principles 58

    3.1 Defining risk 58

    3.2 Commodity market participants - the time dimension 60

    3.3 Hedging corporate risk exposures 61

    3.4 A framework for analysing corporate risk 62

    3.5 Hedging customer exposures 63

    3.6 Trading risk management 66

    Chapter 4 Gold 76

    4.1 The market for gold 76

    4.2 Gold price drivers 81

    4.3 The gold leasing and deposit market 91

    4.4 Hedging 96

    4.5 Trading gold 106

    4.6 Yield enhancement 111

    4.7 Summary 112

    Chapter 5 Base Metals 114

    5.1 Overview of base metal production 114

    5.2 The copper lifecycle 115

    5.3 Aluminium 119

    5.4 The Steel market 120

    5.5 The London Metal Exchange 122

    5.6 Base metal price drivers 130

    5.7 Electric Vehicles 133

    5.8 Structure of market prices 134

    5.9 Hedges for aluminium consumers in the automotive sector 139

    5.10 Summary 157

    Chapter 6 Crude Oil 159

    6.1 Overview of energy markets 159

    6.2 The value of crude oil 159

    6.3 An overview of the physical supply chain 163

    6.4 Refining crude oil 165

    6.5 The demand for and supply of crude oil 172

    6.6 Price drivers 179

    6.7 The price of crude oil 189

    6.8 Trading crude oil and refined products 195

    Notes 209

    6.9 Managing price risk along the supply chain 212

    Chapter 7 Natural Gas 237

    7.1 Formation of natural gas 237

    7.2 Measuring natural gas 238

    7.3 The physical supply chain 238

    7.4 Deregulation and re-regulation 242

    7.5 The demand for and supply of natural gas 245

    7.6 Natural gas prices 250

    7.7 Natural gas price drivers 257

    7.8 Trading natural gas 260

    7.9 Natural gas derivatives 263

    Chapter 8 Electricity 280

    8.1 What is electricity? 280

    8.2 The physical supply chain 283

    8.3 Market structure and regulation 285

    8.4 Price drivers of electricity 291

    8.5 Trading electricity - an overview 301

    8.6 Electricity derivatives 313

    Chapter 9 Plastics 332

    9.1 The chemistry of plastic 332

    9.2 The production of plastic 333

    9.3 Monomer production 334

    9.4 Polymerisation 334

    9.5 Applications of plastics 335

    9.6 Summary of the plastics supply chain 336

    9.7 Price determination 336

    9.8 Plastic price drivers 337

    9.9 Forwards and swaps 338

    9.10 Option strategies 340

    Chapter 10 Bulk Commodities 341

    10.1 The basics of coal 341

    10.2 The demand for and supply of coal 343

    10.3 Coal - the physical supply chain 346

    10.4 Coal derivatives 349

    10.5 Iron ore 353

    10.6 Freight markets - the fundamentals 355

    Chapter 11 Climate and Weather 368

    11.1 The science of climate change 368

    11.2 The consequences of climate change 371

    11.3 The argument against climate change 372

    11.4 History of human action against climate change 373

    11.5 Price drivers of emissions markets 376

    11.6 EU Emission Trading System 379

    11.7 Emission derivatives 384

    11.8 Weather derivatives 388

    Chapter 12 Agriculture 394

    12.1 Agricultural markets 394

    12.2 Definitions 394

    12.3 Agricultural products 395

    12.4 Soft commodities 403

    12.5 Ethanol 409

    12.6 Price drivers 412

    12.7 Exchange traded agricultural and ethanol derivatives 421

    12.8 Over-the-counter agricultural derivatives 426

    Chapter 13 Commodity-Linked Financing 433

    13.1 The financing need 433

    13.2 Project finance 437

    13.3 Working capital and the asset conversion cycle 440

    13.4 Longer-term debt funding solutions 454

    Chapter 14 Commodity Investing 463

    14.1 Commodity investors 463

    14.2 Preferred instruments 465

    14.3 Market size 465

    14.4 Rationale for investing in commodities 466

    14.5 Commodity indices 469

    14.6 Total Return Swaps 478

    14.7 Exchange traded products (ETPs) 481

    14.8 Structured products 487

    Glossary 499

    Bibliography 507

    Biography 510

    Index 511