Commodity trade and finance by Michael Tamvakis

By Michael Tamvakis

What impacts the provision of oil? How very important is the elements in identifying grain costs? Why has the cost of copper skyrocketed?

This detailed book analyses the economics of key commodity teams, together with power, agriculture and metals. It examines the supply/demand basics of numerous significant and minor commodities, actual features, construction and intake styles, alternate flows and pricing mechanisms. It additionally explains the major instruments used to hedge expense possibility, equivalent to futures, thoughts and swaps.

This moment version include has been absolutely revised and restructured, and includes four new chapters, together with oil refining, electrical energy and value threat administration for power, metals and agricultural commodities

This publication is an imperative reference textual content for college kids, teachers and people operating within the commodity business.

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Sample text

One or more of these types of measurement are necessary for nearly every economic and commercial aspect of energy, including production, consumption, trading, transportation, storage, pricing and conversion between different types of energy. 2. We start with heat units first. Joule: Reprised from above, a joule is the energy expended in applying a force of one newton over a distance of one metre (also known as one N•m or newton-metre); or in passing an electric current of one ampere through a resistance of one ohm for one second.

From the point of view of production, consumption, transportation and trading of energy commodities, it is mass and weight units that are mostly used. Some of the most common units are described below. Barrel or bbl (bbls in the plural form): Historically, there have been a lot of goods shipped into barrels, both dry and liquid. Indeed, barrels, casks, tuns and kegs are but a few of the terms used to describe the various versions of cylindrical (or quasi-cylindrical) containers, which come in lots of different specifications.

This base is the tonne of oil equivalent (toe). 2 shows a few indicative conversions of some of the most popular energy units into tonnes of oil equivalent. Cubic metre or cu m or cbm: A cubic metre is a unit of volume derived from the SI system and represents the volume of a cube with sides one metre long. It is equal to 1,000 litres and is, therefore, also known as a kilolitre. The mass of a cubic metre of a particular cargo depends on its specific gravity. A cubic metre of water, for example, at a temperature of 4º C and at atmospheric pressure, weighs one metric tonne.

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