This article argues that it is plausible that there are two fundamental metrics that could be useful for deciding upon crude oil futures positions: (1) whether there are ample inventories or not; and (2) whether spare capacity is at pinch-point levels or not. The article will further argue that...

We present evidence on asymmetric information content in the trades of six investor groups transacting in the gold, platinum, gasoline and rubber futures markets on the Tokyo Commodity Exchange. Microstructure theory suggests that traders with greater information on the efficient price should be...

Derivatives are innovative instruments to transfer and trade the associated financial risks in a wide range of investments. Commodity derivatives are the financial instruments specially linked with the volatility and fluctuation in the price of underlying assets value of certain specific...

We find excess buying just below round numbers ($X.99) and excess selling just above round numbers ($X.01) using tick data of 152 million West Texas Intermediate crude oil futures transactions from January 1996 to October 2015. The round number effects were stronger in a regime of open outcry...

Due to their volatility differences, yield differences and low correlations with equity markets, metal futures are held for diversification in the international investors' portfolios. Beginning with dot.com bubble and following global crisis, the mutual movement of equity markets caused...

This paper studies the dynamic interaction between the net positions of traders and risk premiums in commodity futures markets. Short-term position changes are mainly driven by the liquidity demands of non-commercial traders, while long-term variation is primarily driven by the hedging demands...