Overview

This book is a comprehensive and practical guide to the principal commodity markets written by an experienced practitioner. Commodity markets are by no means perfect; at best they are opaque. Participants who blindly apply complex theoretical models to these markets often come to grief. This book gives the market newcomer a framework to facilitate successful commodity price risk management, learning from others' past mistakes, and taking into account the real and tangible nature of the physical underlying. Commonalities with and differences to other financial markets are discussed. The impact of fundamental commodity concepts such as contango, backwardation, physical delivery and storage on paper commodity markets are explored. The largest commodity markets (namely metals, energy and agricultural products) are presented in detail, together with their specific characteristics. Structures appropriate for market participants with real commodity exposures are presented, tailored by commodity sector where appropriate. Investors, those market participants with a discretionary commodity exposure, have come to play an increasingly important role in commodity price dynamics. Investor product evolution and its impact on the global commodity markets are discussed. Consideration is also given to the house-keeping aspects of trade execution, documentation and life-of-trade management. This book is a distillation of the author's experiences and aims to be the book she wishes she had on her desk when she first moved into the weird and wonderful world of commodities.

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9781906659301

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Author Information

Emma Jenkins is currently the managing director of EJJ International Limited, a niche consultancy specialising in commodity related projects and training. Emma has extensive financial markets experience covering fixed income, FX and commodity markets, derivative pricing and structuring, and loan origination. After graduating from Trinity College, Dublin, with a first class honours degree and a gold medal in Mathematics, Emma joined the graduate program at Goldman Sachs. She subsequently moved to a quantitative role at Westpac Banking Corporation designing and implementing derivative pricing models for interest rates and FX trading desks. Emma entered the commodity arena while working for Credit Suisse in the late 1990s. She was responsible for marketing complex hedge structures in precious metals and associated financings. In her final banking role at Macquarie Bank she was a specialist commodity director, providing a complete banking service to clients in the base and precious metals, and oil and gas sectors. Since founding EJJ International, Emma has enjoyed varied international assignments with a broad range of clients including producers, manufacturers, fund managers and market regulators. She is a regular speaker at industry conferences and frequently delivers specialised seminars.

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