A Supercycle for Commodity Markets after Covid and ESG

Overview Teacher Outline Brochure Testimonials

After a number of years of stagnant prices, commodities have experienced many changes over the last 15 months: with the WTI first nearby reaching very negative values in April 2020, oil companies facing a reduced demand because of Covid and their ESG ratings scrutinized by portfolio managers.

Agricultural commodities have reached higher prices as countries are concerned about food security; the same for copper and other metals involved in the construction of wind turbines and electric vehicles.

Gold has remarkably receded as a hedge against Quantitative Easing and Bitcoins seem to have replaced it.

This comprehensive 2-day course focuses on understanding price formation in Commodity spot markets, the role of Inventory in the shape of the forward curve and the trading opportunities brought by forward curves in Contango. It provides an in-depth analysis of Futures, physical and financial options in Commodities as well as the different types of investments provided by this remarkable asset class. The positioning of Bitcoins with respect to Commodities will be also discussed.

The content is designed for traders in financial institutions, managers in pension funds and insurance companies, and risk executives and corporate managers in charge of raw materials and commodities purchase.

All delegates will receive a copy of Professor Geman's reference book "Commodities and Commodity Derivatives: Modeling and Pricing for Agriculturals, Metals and Energy" published by Wiley Finance.

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Date:
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Venue:
Manhattan - New York

Fee:

This course is also available in London Time Zone and Singapore Time Zone

Who The Course is For

Commodity traders
Hedge fund managers & Investment bankers
Energy Companies Executives
Insurance and Reinsurance Companies
Raw Materials Purchase Executives

Prior Knowledge

Some modest background in finance and a basic knowledge of commodity markets is assumed.

Keep me updated about this course

Dr Helyette Geman is the Director of the Commodity Finance Centre at the University of London and Johns Hopkins University. She is a graduate of Ecole Normale Superieure in Mathematics, holds a Masters degree in Theoretical Physics, a PhD in Probability from the University Pierre et Marie Curie and a PhD in Finance from the University Pantheon Sorbonne.

Dr Geman has been a scientific advisor to major financial institutions, insurance companies and energy, commodity and mining companies for the last 21 years, covering the spectrum of interest rates, catastrophic risk, crude oil and natural gas, metals and agriculturals, including fertilizers and land. She was for five years Head of Research at Caisse des Depots in Paris, then has consulted for a large number of mining, oil companies and commodity houses, including Louis Dreyfus, BHP Billiton, EDF Trading, Bunge, Invivo, Wilmar International and Office Cherifien des Phosphates.

Dr Geman has published over 140 papers (out of which 20 on Commodities and Shipping) in top international finance and insurance Journals including the Journal of Finance, Mathematical Finance, Geneva Papers on Insurance and Journal of Financial Economics. She was named in 1993 Member of Honour of the French Society of Actuaries. Her research includes catastrophic insurance, commodity spot and forward curve modelling, valuation of physical assets in the mining and agriculture industry, as well as exotic option pricing for which she won the first prize of the Merrill Lynch Awards in 1995.

Dr Helyette Geman was named in 2004 in the Hall of Fame of Energy Risk. Her book Commodities and Commodity Derivatives: Energy, Metals and Agriculturals published by Wiley Finance in 2005 has become the reference in the field.

Dr Geman is a Member of the Board of the UBS-Bloomberg Commodity Index. She counts among her PhD students Nassim Taleb, author of the Black Swan. She published in 2008 the book Risk-Management in Commodity Markets: from Metals to Agriculturals and Energy. Geman became in 2010 a Scientific Adviser to the European Union for Agricultural Commodities

Wiley Finance Published Author.

Request a Brochure with full details for A Supercycle for Commodity Markets after Covid and ESG

Day One

Fundamentals of Spot and Forward Commodity Markets

The Outlook of the World Economy and Commodity Markets in 2021
Price Formation in Commodity Spot Prices
Commodity Exchanges: The Old and the New
- The Importance of Liquid Indexes for the Growth of Derivatives
- The Role of Shipping in Commodities Trading
Inventory and Commodity Spot Price Volatility
- Theory of Storage and Convenience Yield
- Shape of the Forward Curve and Profitable Carry Trade Strategies
Margin Deposits and Margin Calls in Futures Trading: the Comparison between Oil Futures and Bitcoins Futures
Commodity Swaps

Metals

Base Metals
- Aluminium
- Copper and Other Base Metals
- Metals for Wind Turbines and Electric Vehicles
- The London Metal Exchange, Shanghai, Singapore
Precious Metals
- Gold and its loss of attractiveness
- Platinum, Palladium and their industrial use
- Is Bitcoin a Commodity?

Energy

Crude Oil, the Exchanges and indexes
Changes in the Forward Curve and Trading Strategies

Case Study: Hedging Strategies for the Airline Industry

Day Two

Energy (cont.)

Natural Gas, Shale Gas and LNG; the role of Singapore
Coal and the contrasted situation across major countries
Electricity Production: Solar, Wind and Batteries
Weather Derivatives and Emission Permits

Financial and Physical Options in Commodities

Plain Vanilla Options on Futures
Traded Average Price Options (TAPOs)
Exchange and Spread Options
Volatility Skew/Smile in Commodities
Valuation of Physical Assets. The example of a Combined Cycle Turbine, an Aluminium Smelter, a Gas Storage Facility

Agricultural Commodities

Weather Risk and Country Risk in Agricultural Commodities
Inventory and Price Volatility
Fertilizers and Fertilizer Swaps
Wheat, Corn, Coffee
Water as a Crucial Commodity

Investing in Commodities

The different Commodity Indexes
Structured Notes on Commodities
Investing in Shares of Commodity - Mining companies
Credit Spreads and ESG Spreads in Bonds issued by the Extractive Industry

Keep me updated about this course

Helyette Geman strikes a perfect balance between theory and practice. An excellent introduction to commodity risk!

(Senior Risk Analyst - Agder Energi Kraftforvaltning AS)

No compliment or praise will be enough to describe Professor Geman's vast knowledge and experience in the commodities markets. Always a pleasure to listen to her lectures. Anybody who is interested in commodities should take this course.

(Financial Analyst - Grupo Merino Commodities)

Excellent course on commodities that allows you to leave the classroom with a holistic and complete picture on how the commodities market works, after entering knowing very little.

( Senior Economist - Grupo Merino Commodities)

This is an excellent course with probably the top expert in commodities today. I highly recommend it to anyone who wants to have a real understanding of both the field of commodities and the existing models for commodity prices.

(President - Grupo Merino CA)

Professor Geman is a great teacher, she has lot of knowledge in the commodity market as a trader. Also she is one of the most important academics in the area. Really impressed.

(Financial Analyst in Commodity Area - GM Commodities Canada LP)

It was my first online live experience and I am pretty amazed with the quality of the broadcasting. I would recommend the LFS Live experience to anyone.

(IT Governance - BTG Pactual)

Dr Geman is an impressive trainer with the highest academic background as well as actual trading experience. She is able to explain simply the core aspects of commodities derivatives and is very open to challenge and questions.

(Audit Head Commodities - BTG Pactual)

"The walk through all commodity asset classes and individual cases was interesting [...] Helyette evidently has a wealth of industry insight and experience and her many anecdotes are both entertaining and useful in seeing the application of the material and in driving forward the history (and in some cases her hypotheses) about the development of commodity modelling over the years."

(Equities - UBS AG)

"Helyette has a most impressive understanding of every facet of this industry and her enthusiasm for the subject kept me captivated."

(Business Systems Analyst - )

"Professor Geman was engaging and demonstrated the practical expertise I was looking for. This course motivated me to continue to deepen my understanding of commodities markets."

(Risk Management - Global Hedge Fund)