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Full Description
Commodity Derivatives: A Guide for Future Practitioners describes the origins and uses of these important markets. Commodities are often used as inputs in the production of other products, and commodity prices are notoriously volatile. Derivatives include forwards, futures, options, and swaps; all are types of contracts that allow buyers and sellers to establish the price at one time and exchange the commodity at another.
This straightforward book provides the necessary theoretical background and covers the practical applications that employers expect new hires to understand. Detailed examples are provided for using derivatives to manage prices by hedging, while strategies are presented for speculating on derivatives. This book also examines the impact of basis behavior on hedging results, and shows how the basis can be bought and sold like a commodity. Examples are coordinated across chapters using consistent prices and formats, and industry terminology is used so students can become familiar with standard terms and concepts. This second edition has been fully revised, and includes new chapters on futures pricing and risk measures for commodity markets, as well as expanded material on commodity swaps.
A test bank of questions and problems also accompanies this edition, which instructors can use for homework assignments, review purposes, or exams. This book is essential reading for students planning careers as commodity merchandisers, traders, and related industry positions.
Contents
1. Introduction 2. Trading Futures and Options 3. Understanding and Interpreting Futures Prices 4. Futures Pricing 5. Margins, Clearing, Delivery, and Final Settlement 6. Market Regulation 7. Hedging with Futures 8. Hedging and the Basis 9. Futures Hedging Enhancements 10. Profit Margin Hedging and Inverse Hedging 11. Hedging and Basis Trading 12. Basis Trading and Rolling a Hedge 13. Speculating with Futures 14. Introduction to Options on Futures 15. Option Pricing 16. Profit Tables and Profit Diagrams 17. Hedging with Options 18. Option Hedging Enhancements 19. Speculating with Options 20. Commodity Swaps.
