Global Supply Chain Risk Research Articles

Strategic Innovations in Apple's Supply Chain Management: Objectives, Methods, and Strategies for Navigating Global Market Challenges

This study looks at global supply chain risks and remedies in the context of Apple Inc.'s supply chain, which is renowned for being efficient and complicated. Apple's supply chain management strategy (SCM) optimizes costs and efficiency by integrating the planning and control of manufacturing, distribution, and sales. Efficient worldwide product delivery and very high operational standards are guaranteed by centralized strategic decision-making and collaboration with key suppliers like Foxconn. The report emphasizes how Apple uses cutting-edge logistics technology to reduce risks like supply interruptions and geopolitical unrest, which are becoming more common in today's international marketplace. Additionally, the study holds that in order to gain a long-term market competitiveness and manage a more uncertain external environment, today's smart device and electronic equipment manufacturers represented by Apple need to embrace the wave of digital transformation and increase resilience through strategic innovation and the construction of ethical and sustainable supply chains. This entails building morally and environmentally sound supply networks as well as implementing strategic innovations that increase supply chain resilience. Businesses that use this approach not only mitigate short-term risks but also establish a strong basis for sustained prosperity, guaranteeing their ability to adjust and prosper in the dynamic international arena.

Managing Currency Risk in Global Supply Chains: Resilience Strategies

Currency risk was a significant difficulty for firms involved in international commerce in the current global economy. The profitability and competitiveness of organisations with supply chains that span across borders were greatly affected by fluctuations in exchange rates. This introduction examined the intricacies of managing currency risk in global supply chains, investigating the most recent solutions used by organisations to strengthen their operations. Over the last 10 years, there has been an extraordinary increase in globalisation, characterised by more market integration and increased international trade. Nevertheless, globalisation brings with it not just benefits but also inherent concerns, with currency volatility being the most prominent among them. According to projections by Grand View Research, Inc., the global currency exchange market was expected to reach a value of $28.8 trillion by 2025. This highlights the significant currency risk that firms throughout the globe were facing. The emergence of the COVID-19 pandemic emphasised the need to effectively handle currency risk in worldwide supply networks. Amidst trade interruptions and shifting currency rates, economies faced increased uncertainty and volatility, which in turn affected enterprises. Research conducted by the Foreign Monetary Fund had shown that there was a significant increase of 59% in currency volatility during the early phase of the epidemic. This has worsened the difficulties faced by companies that heavily depend on foreign commerce. In light of this situation, companies were obligated to reevaluate their methods for managing currency risk to strengthen their ability to withstand challenges and reduce the possibility of financial losses. Conventional methods such as forward contracts and currency options, while somewhat successful, may not be enough to handle the intricacies of contemporary supply chains. As a result, organisations are using novel methods and technology to effectively manage currency risk. Recent developments in Financial Technology have created new opportunities for innovative currency risk management strategies. Blockchain technology had the potential to provide transparent and secure cross-border transactions, which helped decrease the risk of currency exposure. Moreover, the advent of Artificial Intelligence and Machine Learning algorithms enabled organisations to analyse extensive information and forecast currency fluctuations with enhanced precision. Collaborative alliances within supply chains provided a strategic opportunity to reduce currency risk. Companies may enhance risk mitigation and improve their ability to adapt to market dynamics by developing stronger connections with suppliers and consumers. This can be achieved via the exploration of collaborative hedging methods and the sharing of risk burdens. Nevertheless, effectively managing currency risk in international supply chains requires the ability to quickly adapt, come up with new ideas, and work together. This summary summarised important findings from the following conversation, emphasising the need for proactive risk management techniques in protecting against the uncertainties of the global economy. Keywords: Currency risk management, Global supply chains, Exchange rate volatility, International commerce, Financial technology (Fintech).

A Rapid Low-Temperature Method for Direct Recycling of Lithium-Ion Battery Cathodes

Batteries provide a promising pathway for transitioning from a society heavily reliant on fossil fuels to one that supports sustainable energy generation and transportation. However, the current production of lithium-ion batteries (LIBs) pose a sustainability challenge due to their dependence on energy-intensive and critical mineral-dependent cathode manufacturing which results in high greenhouse gas emissions and global supply chain risk for critical minerals.[1] Moreover, a significant number of retired batteries, with a typical service life of 5–10 years, end up in landfills or oceans, exacerbating environmental concerns.[2] In this respect, cathode recycling has emerged as a potential solution to address the sustainability issues of LIBs, including critical metal availability, battery waste, and the carbon footprint of the LIB manufacturing process. However, current cathode recycling technologies, primarily based on pyrometallurgy and hydrometallurgy methods, are limited to recovering raw metals that necessitate the re-synthesis of cathode materials, leading to significant greenhouse gas emissions and secondary waste streams.[3] As an alternative, direct cathode recycling that utilizes regenerated spent cathode materials in the manufacturing of new batteries, has garnered a great deal of attention.[4] This method eliminates the need for additional purification or resynthesis processes, offering high economic return and environmental benefits. For direct recycling, it is important to replenish consumed Li and restore the structure and chemical state of transition metal atoms (e.g., Ni, Co, and Mn) in cathodes. However, current direct recycling methods, such as solid-state sintering, hydrothermal treatment, and the molten-salt method, still necessitate high energy input due to the requirement for multistep processes and/or thermal annealing at elevated temperatures and pressures for prolonged durations.[1,4] Therefore, it remains a challenge to develop a facile and rapid ambient condition (e.g., 25oC at 1 bar) direct recycling method.Herein, we propose a rapid room-temperature recycling method for spent LiNi0.5Mn0.3Co2O2 (NMC) cathodes, utilizing a Li-rich solvated electron solution. The low reduction potential of the solution accelerates the regeneration kinetics of spent NMC, allowing a complete recycling reaction in just minutes with no residue remaining for additional active material washing. This direct recycling method results in a regenerated NMC cathode that closely mirrors the crystal structure, composition, and chemical states of pristine materials, and delivers energy capacity and cycle life comparable to the original. Notably, the concentration of Li ions and free electrons in the solution can be quantified, enabling precise restoration of depleted Li and lost capacity with near-perfect stoichiometry, which thus achieves a long-standing goal in the recycling process. Altogether, this work paves the way to a more energy-efficient and feasible direct recycling process for spent LIBs.

Assessment of global supply chain risk and mitigation strategies

This studies paper presents a comprehensive examination of global supply chain risk management, critical for navigating cutting-edge interconnected enterprise panorama. It explores diverse participants to deliver chain vulnerabilities, together with natural disasters, political instability, and economic fluctuations, highlighting the necessity for proactive chance mitigation techniques. Leveraging insights from scholarly literature and case research, the research underscores the importance of thorough understanding and evaluation of worldwide deliver chain dangers. It advocates for the adoption of progressive methodologies such as fuzzy common sense and Bayesian Belief Networks to beautify threat evaluation practices and prioritize mitigation efforts successfully. Moreover, the paper emphasizes the pivotal role of top management aid, strategic collaboration, and technological advancements in mitigating supply chain disruptions. Through the synthesis of various perspectives and strategies, the research advocates for a holistic technique to mitigate worldwide deliver chain dangers, making sure organizational resilience and sustainability. It underscores the necessity for continuous tracking, edition, and investment in chance management frameworks to navigate uncertainties and keep a competitive gain in an ever-evolving commercial enterprise surroundings. By offering practical insights and actionable tips, this paper equips groups with the expertise and gear essential to support their supply chains against disruptions, thereby improving operational performance and fostering long-time period achievement within the worldwide market. Keywords Supply chain risk management, Global supply chain,Risk mitigation strategies,Disruptions,Resilience

Risk Management in Global Supply Chains: Addressing Vulnerabilities in Shipping and Logistics

This paper explores the critical aspects of risk management in global supply chains, with a specific focus on vulnerabilities within shipping and logistics. The interconnected nature of today's supply chains exposes them to various risks, ranging from natural disasters and geopolitical tensions to operational challenges and cybersecurity threats. The paper outlines a comprehensive framework for risk identification, assessment, and mitigation, emphasizing the importance of proactive strategies in addressing potential disruptions. Diversification of suppliers and transportation routes, technological investments, insurance coverage, and enhanced collaboration are highlighted as key mitigation measures. Through case studies, the paper examines successful risk management practices and draws insights from failures. Additionally, it delves into emerging trends, such as technological advancements and climate change adaptation, providing a forward-looking perspective on evolving risks. The conclusion underscores the dynamic nature of global supply chain risks and advocates for continuous improvement in risk management practices to ensure resilience and sustainability.
 Keywords: Risk Management, Global, Supply Chains, Vulnerabilities, Shipping and Logistics.

IMPACT OF SUPPLY CHAIN DISRUPTIONS ON ENERGY SECURITY IN ZAMBIA: CHALLENGES AND MITIGATION STRATEGIES

This study examines the impact of supply chain interruptions on Zambia's energy security, highlighting the nation's significant reliance on hydroelectric power, which generates about 83% of its total electricity production (Jürisoo et al., 2019). According to the study, Zambia's energy sector is significantly impacted by global supply chain risks, such as geopolitical conflicts and environmental issues (Mwanza et al., 2023). The analysis explores how these problems exacerbate problems related to energy security, particularly during load-shedding incidents (Jürisoo et al., 2019; Alzoubi, 2024). Furthermore, the study looks at the obstacles to establishing circular supply chains in Zambia's energy sector and emphasizes how cutting-edge technologies like artificial intelligence and blockchain might improve supply chain resilience (Mwanza et al., 2023; Alzoubi, 2024). The conclusions stress how urgently legislative changes and focused investments are needed to support Zambia's energy infrastructure and keep it safe from future shocks.

Forecasting disruptions in global food value chains to tackle food insecurity: The role of AI and big data analytics – A bibliometric and scientometric analysis

Globalization and interconnected supply chains have led to complex disruptions in global value chains, caused by various factors such as natural disasters, climate events, geopolitical conflicts, and economic crises. Recent breakthroughs in AI, machine learning, blockchain, and big data analytics offer new possibilities for forecasting and managing these disruptions effectively. This study examines the role of AI in forecasting and managing disruptions within global value chain to tackle food insecurity. We conducted a bibliometric and scientometric analysis using comprehensive data from Scopus and Web of Science to explore emerging research trends, influential publications, leading institutions, collaborations, themes, policy implications, and future research avenues. The research revealed an average yearly growth rate of 13.78 % in publications from 1973 to 2022. China, the United Kingdom, and the United States lead in AI applications to address supply chain disruptions, particularly concerning food insecurity. Frequently used keywords include "food security," "supply chain management," "agriculture," "modelling," "climate change," and "COVID-19." Themes identified focus on the impact of COVID-19 on food supply chains, achieving food security amidst climate change, leveraging predictive models in agriculture, and assessing the impact of disruptions on food price volatility and global supply chain risk assessment approaches. The insights gained from this research offer valuable guidance for policymakers and researchers to enhance food security. The identified themes provide direction for future research efforts in advancing food security amidst uncertainties and disruptions in global value chains.

Measuring exposure to network concentration risk in global supply chains: Volume versus frequency

In this paper, we present new referential statistics for the degree of supply chain exposure to network concentration risk. The study's contribution rests on the development of a metric that indicates network concentration in terms of the frequency of supply chain engagement with the regions of analytical concern, alongside the traditional approach based on volume measurement of value-added concentration. Japan, a country with a high propensity to encounter natural hazards, and China, under mounting geopolitical tension with the United States, are chosen as the target regions for the assessment of network concentration. In addition, the highly asymmetric structure of mutual economic dependency in the US-China relations is identified.

Supply Chain Finance Redefined: A Supply Chain-Centric Viewpoint of Working Capital, Hedging, and Risk Management

Problem definition: The narrow definition of supply chain finance (SCF) as a financing scheme for accounts receivables fails to capture the knowledge creation of MSOM research scholars of the last 25 years who labored in the area under this label. A redefined definition of the research-and-application field, under the acronym integrated SCF (iSCF), better reflects the interplay of operational, financial, and risk management decisions our scholars and practitioners care about. The foundational knowledge of this field is ready to come into the classroom and elevate SCF courses from the typical “accounting and finance for supply chain managers” content to a supply-chain-centric viewpoint of important decisions in working capital management, effective cash-flow hedging, and integrated risk management of global supply chain risks. We outline the main research themes behind the iSCF research, and teaching, field; highlight concepts ready for the classroom; and pose some open research questions pointing to the future promise of the field. Methodology/results: Forum paper. MSOM Fellow opinion on topic of supply chain finance and risk management based on his published research. Managerial implications: A supply-chain-centric view on state-of-the-art practices for improved working capital, hedging, and risk management in global supply chains (integrated supply chain finance).

A Novel Approach of Resource Allocation for Distributed Digital Twin Shop-Floor

Facing global market competition and supply chain risks, many production companies are leaning towards distributed manufacturing because of their ability to utilize a network of manufacturing resources located around the world. Deriving from information and communication technologies and artificial intelligence, the digital twin shop-floor (DTS) has received great attention from academia and industry. DTS is a virtual shop-floor that is almost identical to the physical shop-floor. Therefore, multiple physical shop-floors located in different places can easily be interconnected to realize a DT that is a distributed digital twin shop-floor (D2TS). However, some challenges still hinder effective and efficient resource allocation among D2TSs. In order to attempt to address the issues, firstly, this paper proposes an information architecture for D2TSs based on cloud–fog computing; secondly, a novel mechanism of D2TS resource allocation (D2TSRA) is designed. The proposed mechanism both makes full use of a digital twin to support dynamic allocation of geographic resources and avoids the centralized solutions of the digital twin which lead to a heavy burden on the network bandwidth; thirdly, the optimization problem in D2TSRA is solved by a BP neural network algorithm and an improved genetic algorithm; fourthly, a case study for distributed collaborative manufacturing of aero-engine casing is employed to validate the effectiveness and efficiency of the proposed method of resource allocation for D2TS; finally, the paper is summarized and the relevant research directions are prospected.

How resistant is gold to stress? New evidence from global supply chain

The investigation performs the wavelet method to explore the time-dependant correlation between gold price (GP) and global supply chain pressure (GSCP). The conclusion shows that GSCP positively leads GP in the long, medium and short runs, meaning that the strains of the global supply chain can motivate the gold market, and gold has the ability to resist these stresses. Conversely, GP positively leads GSCP in the medium and short terms, suggesting that the gold market can be considered as a forward-looking index to reflect GSCP. Then, we could discover that gold may play a dual role in hedging and predicting global supply chain risks in the medium and short terms while only showing hedging ability in the long term. By comparing the gold prices in different denominations, we can not only evidence the robustness of this investigation but also conclude that dollar-and Renminbi-denominated gold is better than euro-and pound-denominated gold in hedging ability but worse in perspective capacity, while Yen-denominated gold exhibits the weakest interrelation with GSCP. In the context of the Russian-Ukrainian war and serious global supply chain crisis, these outcomes can give meaningful lesson to the public, enterprise and relevant countries.

COVID-19 and global supply chain risks mitigation: systematic review using a scientometric technique

Purpose This paper aims to investigate how manufacturing firms behave to mitigate business risk during and post-COVID-19 coronavirus disease (COVID-19) on the global supply chain. Design/methodology/approach A systematic literature review for data mining was used to address the research objective. Multiple scientometric techniques (e.g. bibliometric, machine learning and social network analysis) were used to analyse the Lens.org, Web of Science and Scopus databases’ global supply chain risk mitigation data. Findings The findings show that the firms’ manufacturing supply chains used digitalisation technologies such as Blockchain, artificial intelligence (AI), 3D printing and machine learning to mitigate COVID-19. On the other hand, food security, government incentives and policies, health-care systems, energy and the circular economy require more research in the global supply chain. Practical implications Global supply chain managers were advised to use digitalisation technology to mitigate current and upcoming disruptions. The manufacturing supply chain has high uncertainty and unpredictable global pandemics. Manufacturing firms should consider adopting Blockchain technology, AI and machine learning to mitigate the epidemic risk and disruption. Originality/value This study found the publication trend of how manufacturing firms behave to mitigate the global supply chain disruptions during the global pandemic and business uncertainty. The findings have contributed to the supply chain risk mitigation literature and the solution framework.

Financing and Supply Chain Operations Resilience and Juxtaposing: The Role of Finance in Improving the Supply Chain in the COVID-19 Pandemic Environment

Amidst the renewed quest for supply chain resiliency, finance outgrows its traditional role in B2B; instead, finance position itself to become a more integrated partner in supply chain management activities. Areas such as global trade management and supply chain risk management are fluid areas for finance to flourish, coupled with increasing demands for finance to take a more active role in supply chain management. The global supply chain has experienced several disruptions, such as the COVID-19 pandemic, extreme climate change-induced events, natural disasters, conflict, financial crises, recessions, shortages of raw materials for manufacturing, and macroeconomic imbalances; however, futuristic disruptions are already projected by several stakeholders in the logistics and transport sector. Hence, companies must concentrate on building their resilience to all manner of supply chain disruptions. The initial motive of firm management to increase leverage and engage in financial goods is diminished when the economic dilemma of supply chain value is resolved; by so doing, the internal financial situations could facilitate the advancement of enterprise value. Keywords: supply chain, financial service innovations, distribution dimension, COVID-19 DOI: 10.7176/EJBM/15-7-01 Publication date: April 30 th 2023

시스템 다이내믹스를 활용한 Covid-19 물류대란에서의 채찍현상에 관한 연구

Purpose Triggered by the measures taken to manage Covid-19, the increase in supply uncertainty and demand distortion in the market caused information asymmetry that led to the bullwhip effect of supply chain. We study the factors that affect the bullwhip effect caused by Covid-19 as well as its aftermaths. Methods We designed a stock flow diagram to analyze the bullwhip effect based on a supply chain simulation using system dynamics and also perform a causal analysis on variables affecting the supply. Results The results show that the increase in safty inventory, reduction of ship delays, and information sharing can reduce the bullwhip effect while dampening the amplification of orders in the global supply chain consisting of a retailer, a RDC (Regional Distribution Center) and a manufacturer. Conclusion A research model that analyzes the bullwhip effect of the covid-19 logistic crisis using system dynamics is proposed. The model is expected to serve as a useful tool to analyze and manage potentially uncertain global supply chain risk scenarios caused by disruptive events such as Covid-19.

Investigating the environmental impacts of different direct material recycling and battery remanufacturing technologies on two types of retired lithium-ion batteries from electric vehicles in China

Recycling lithium-ion batteries from electric vehicles is a meaningful way to alleviate the global resource crisis and supply chain risks. However, the environmental impacts caused by different advanced recycling technologies of batteries have not been extensively discussed. This study conducts a process-based life cycle assessment for three typical direct recycling methods and a hydrometallurgical recycling method for the lithium nickel cobalt manganese oxide (NCM) and lithium iron phosphate (LFP) batteries. Then, the potential of reducing the environmental burden through battery remanufacturing with recycled materials is investigated. The results show that the environmental burden of direct material recycling of NCM and LFP batteries is reduced by more than 10% and 30% compared with that of hydrometallurgy. Most environmental indicators of NCM are higher than those of LFP during the recycling process due to the difference auxiliary materials and recycled products. If only cathode materials and foils are recycled, the smallest environmental difference between NCM and LFP is only 1.6%. Compared with batteries manufactured with raw materials, the environmental impacts of NCM and LFP batteries remanufactured with recycled materials can be reduced by more than 20% and 32%. Moreover, the more battery materials obtained by the direct material recycling routes, the greater the environmental benefits through battery remanufacturing.

Bridging the research-practice gap in supply chain risks induced by the COVID-19

PurposeThis study aims to explore the gap between research and practice on supply chain risks due to COVID-19 by exploring the changes in global emphasis on supply chain risk research.Design/methodology/approachThis work designed a research framework to compare the research of supply chain risks before and during the COVID-19 pandemic based on machining learning and text clustering and using the relevant publications of the web of science database.FindingsThe results show that scholars' attention to supply chain crisis has increased in the wake of the COVID-19 outbreak, but there are differences among countries. The United Kingdom, India, Australia, the USA and Italy have greatly increased their emphasis on risk research, while the supply chain risk research growth rate in other countries, including China, has been lower than the global level. Compared with the pre-pandemic period, the research of business finance, telecommunications, agricultural economics policy, business and public environmental occupational health increased significantly during the pandemic. The hotspots of supply chain risk research have changed significantly during the pandemic, focusing on routing problem, organizational performance, food supply chain, dual-channel supply chain, resilient supplier selection, medical service and machine learning.Research limitations/implicationsThis study has limitations in using a single database.Social implicationsThis work compared the changes in global and various countries' supply chain risk research before and during the pandemic. On the one hand, it helps to judge the degree of response of scholars to the global supply chain risk brought about by COVID-19. On the other hand, it is beneficial for supply chain practitioners and policymakers to gain an in-depth understanding of the relationship between the COVID-19 pandemic and supply chain risk, which might provide insights into not only addressing the supply chain risk but also the recovery of the supply chain.Originality/valueThe initial exploration of the changing extent of supply chain risk research in the context of COVID-19 provided in this paper is a unique and earlier attempt that extends the findings of the existing literature. Secondly, this research provides a feasible analysis strategy for supply chain risk research, which provides a direction and paradigm for exploring more effective supply chain research to meet the challenges of COVID-19.

The impact of global risks on supply chain performance. An empirical study on construction sector in the COVID-19 pandemic

PurposeThis paper aims to identify and assess global risks in the supply chain performance.Design/methodology/approachFirst, global risks are identified and classified according to three criteria: content, probability and context. A set of supply chain performance indicators are then defined by the theory of resource-based view and balanced scorecard. Structural equation modeling is adopted to access risks in the global supply chain.FindingsThis article contributes to the supply chain risk management literature by providing a detailed operationalization of global supply chain risk constructs, e.g. natural disasters, war and terrorism, fire accidents, economic and political instability, social and cultural grievances, decease. Empirical results reveal that the supply chain is predominantly regarded as being vulnerable as the proposed model of risks can explain up to 12.6% variance of supplier performance, 25.2% innovation and learning, 23% internal business, 40.6% customer service and 32.4% finance.Research limitations/implicationsThese risks are relevant contextual variables in strategic supply chain decisions. Supply chain managers should keep in mind acceptable cost/benefit tradeoffs in their firms' mitigation efforts associated with major contingency risks. This research advocates the allocation of scarce resources to adopt the supply chain strategies of avoidance, speculative and postponement.Originality/valueThe application of the strategic content/process/context to explain global supply chain performance is an interesting approach. Moreover, globalization trends and the COVID-19 perspectives are considered to be the main reasons for increasing such complex factors. Data on validating research models collected during the COVID-19 pandemic reflect the topicality of this study.

Is the global supply chain hard to reverse? Understanding manufacturing strategies of Chinese, Japanese, and South Korean Firms

AbstractAs the Covid pandemic underscores global supply chain risks, there is a debate on whether to bring US manufacturing back from overseas. This paper provides insights into the heated debate on the global supply chain by examining the competitive manufacturing environments of China, Japan, and South Korea. More specifically, we conduct a cross‐national survey and empirically investigate the manufacturing strategies employed by manufacturing managers in the top Asian players: China, Japan, and South Korea. We examine four dimensions of the manufacturing strategies: quality, inventory, flexibility, and top management involvement. Our findings indicate that Japanese manufacturers are more committed to the cumulative approach to quality management and see enhanced flexibility as a strategic priority. While Chinese managers are also committed to achieving quality, they are more delivery‐driven and thus are more likely to occasionally accept slightly off‐quality components from suppliers to “save” an order. However, in all three countries, managers with a high focus on quality also focus on just‐in‐time management and in turn, on flexibility. There is significantly less agreement among Chinese managers, compared to their Japanese and Korean counterparts, that the top management should be involved in operational planning, goal setting, and the provision of rewards.

Risks and Global Supply Chains: What We Know and What We Need to Know

Recent supply disruptions catapulted the issue of risk in global supply chains (GSCs) to the top of policy agendas and created the impression that shortages would have been less severe if GSCs had been either shorter and more domestic or more diversified. But is this right? We start our answer by reviewing studies that look at risks to and from GSCs and at how GSCs have recovered from past shocks. We then look at whether GSCs are too risky, starting with business research on how firms approach the cost-resilience trade-off. We propose the risk-versus-reward framework from portfolio theory as a good way to evaluate whether anti-risk policy is justified. We then discuss how exposures to foreign shocks are measured and argue that exposure is higher than direct indicators imply. Finally, we consider the future of GSCs in light of current policy proposals and advancing technology before pointing to the rich menu of topics for future research on the risk-GSC nexus.

COVID-19 impact on commodity futures volatilities

COVID-19 pandemic has affected almost all aspects of the global economy, especially commodity futures markets, due to the disruption risk of global supply chains from the pandemic lockdown. This paper extends ARMA-GARCH models to investigate the pandemic impact on both long-run and short-term volatilities of four major commodity futures. Model-fitting results reveal that the pandemic event has enhanced long-run volatilities for all futures returns, while the daily COVID-19 infection speed has mixed effects on short-term (instantaneous) volatilities. Our extended models and research findings are useful in global supply chain risk management, commodity options trading and regulators’ supervision of inflation risk.