We report new evidence that speculation in energy and precious metal futures are more prevalent in crisis periods and even more so during the COVID-19 pandemic. In contrast, agricultural futures attract more hedging pressure. Post-GFC patterns mirror the 1980s’ recessions. Using quantile...

This paper is among the first to investigate high-frequency herding tendencies among exchange traded funds (ETF) traders within the commodities asset class. Operating on 64 popularly traded and liquid ETFs spread across five sub-sectors from 2009 to 2021, we apply four different...