The Financialization of Commodity Markets Investing During Times of

The landscape of commodity markets has drastically changed in recent years. Once a market of refineries and mines, it has become the market of investment funds and commodity trading advisors. Given this transformation, are commodity investments still as b

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10.1057/9781137476395 - The Financialization of Commodity Markets, Adam Zaremba

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-05

The Financialization of Commodity Markets

10.1057/9781137476395 - The Financialization of Commodity Markets, Adam Zaremba

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-05

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Investing during Times of Transition Adam Zaremba

10.1057/9781137476395 - The Financialization of Commodity Markets, Adam Zaremba

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-05

The Financialization of Commodity Markets

the financialization of commodity markets

Copyright © Adam Zaremba, 2015. All rights reserved.

Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN: 978–1–137–46557–3 Library of Congress Cataloging-in-Publication Data Zaremba, Adam, 1985–      The financialization of commodity markets : investing during times of transition / Adam Zaremba.     pages cm      Includes bibliographical references and index.      ISBN 978–1–137–46557–3 (hardback : alk. paper)      1. Commodity exchanges. 2. Commodity futures. I. Title. HG6046.Z37 2014 332.6328—dc23

2014039897

A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: April 2015 10  9  8  7  6  5  4  3  2  1

10.1057/9781137476395 - The Financialization of Commodity Markets, Adam Zaremba

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-05

First published in 2015 by PALGRAVE MACMILLAN® in the United States—­a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010.

10.1057/9781137476395 - The Financialization of Commodity Markets, Adam Zaremba

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-05

To my brilliant and beautiful wife Patrycja, who deserves all the credit

10.1057/9781137476395 - The Financialization of Commodity Markets, Adam Zaremba

Copyright material from www.palgraveconnect.com - licensed to New York University - Waldmann Dental Library - PalgraveConnect - 2015-05-05

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List of Illustrations

ix

Introduction

xv

1 Asset Allocation in Commodity Markets

1

2 Passive I