This article investigates comovement and contagions in the commodities markets. We examine the comovement by analyzing … the unconditional correlation coefficients. We document that commodities tend to partially integrate. We perform contagion …. We document that commodities price changes tend to affect the probability of both positive and negative coexceedances …

integration was not monotonic; it was periodically interrupted by shocks such as wars and world depressions, or by endogenous …