Hard Commodities Research Articles

Capabilities of secondary school teachers in sub-Saharan Africa: A systematic literature review

Orientation: Education trends in Africa indicate that key ingredients for effective education are elusive, impacting the teachers who need to remain productive, motivated and healthy in this environment.Research purpose: Using machine learning active learning technology, the study aimed to review current literature related to the factors affecting the capabilities and functionings of secondary school teachers in sub-Saharan Africa (SSA).Motivation for the study: The Capability Approach (CA) provides a framework for studying the sustainable employability (SE) of teachers, including what they require to be able to convert valued opportunities into the needed achievements.Research approach/design and method: A systematic literature review was conducted following Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, using Machine Learning Active Learning Technology. Eighty six articles from 14 SSA countries were included for analysis, prioritising articles in the South African context first.Main findings: Analysis identified four groupings of resources that are potentially useful or valuable, creating access or empowerment if utilised effectively, namely knowledge commodities, soft commodities, hard commodities, and organisational commodities. Sub-resources were also identified.Practical/managerial implications: This research would assist policy and decision-makers to focus their interventions in the most effective way to sustain productivity and well-being in the workplace. The resource groupings should be included in a model that focuses on enhancing secondary school teachers’ capabilities to promote their well-being and productivity.Contribution/value-add: This article provides new applied knowledge related to machine learning active learning technology as a methodology, and provides further insight into secondary school teacher employability.

Cointegration between high base metals prices and backwardation: Getting ready for the metals super-cycle

This paper is devoted to test agents’ behavior in the markets of hard commodities by trying to distinguish between managing future price structures to hedge their positions and speculating in on prices. We do a triple analysis: cointegration on the time series, structural breaks over the full time series and panel data. The analysis of the full series and the identification of structural breaks allows us to discover the connection between high prices and the negative futures price structure (backwardation) in rising prices scenarios of tin, copper, aluminium, and zinc. Moreover, we obtain that the base metals full matrix (price and futures price structure) is cointegrated in our analysis that uses panel data methods. We believe that these results are important for agents in the markets, as commodity traders or brokers, to maximize profits in their hedging positions.

Assessment of the Impact of Hard Commodity Prices Changes on Inflation in European Union Countries

This article analyses the impact of the changes in hard commodity prices in the world commodity exchanges on the variation of countries’ general price level. In other words, this article aims to determine the impact of hard commodity prices changes on inflation. In this paper, all countries of the European Union (EU) are included in the research, and case analysis is done accordingly. The methodology applied is the following: a study of the recent scientific literature, processing and systemization of statistical data, correlation analysis and Granger causality test. The results of the research show that price changes of selected commodities in world commodity exchanges have no absolute dependence on the variation of the general price level in EU countries in the long period. Natural gas should be distinguished, whose price fluctuations in the commodity exchange market show a positive correlation with 14 EU countries’ CPI changes. In addition, the research shows that Lithuania’s inflation has been affected by all five selected commodities’ prices fluctuations. UK and Romanian inflation relate to four of five selected commodities’ prices fluctuations.

The impact of financial development indicators on natural resource markets: Evidence from two-step GMM estimator

The financialization in energy and commodity markets is the overwhelming subject of energy and resource policy, which is exercised in the context of China to analyzed government financial policies to support natural resource markets during the period of 1967–2016. The results show that real interest rate supports energy and resource markets through increased energy production, oil rents, and crop production in a country. Money supply increases fossil fuel energy demand, energy efficiency, and agricultural and livestock production. Domestic credit provided by financial sector is negatively influenced to energy and resource markets with some exceptions. FDI inflows largely influenced soft and hard commodity markets to decrease natural resource rents and agricultural & livestock productions, except total fisheries production, which substantially increases FDI inflows in a country. The commodity prices distorted energy and natural resource markets except for ores and mineral exports that inflamed by higher price level. The growth-specific factors substantially improve the efficiency of energy & resource markets. Thus, the overall debate comes to the conclusion that commodity prices distorted energy and commodity markets, which may be subsidized by sound economic growth, trade liberalization policies, financial development, tight monetary policy, and optimized growth strategies in a country.

Energy contagion analysis: A new perspective with application to a small petroleum economy

We put forward the novel concept of energy contagion, i.e. a deepening of energy-finance linkages under crisis conditions in energy markets. Further, we show how to construct tests for energy contagion through correlation, co-skewness, and co-volatility channels. The samples of our contagion measures are defined in terms of calm and crisis periods in the international crude oil market. In particular, we compare how these various co-moments in the energy-finance nexus change during: (1) Oil booms and slumps using semi-parametric rule-based algorithms; (2) Tranquil and turbulent oil price volatility episodes using a non-hierarchical k-means clustering algorithm. Energy contagion analysis is essential for financial stability analysis in economies where prosperity is linked to the prices of hard commodities. Our applications are performed on the oil-exchange rate and oil-stock market relationships of the small petroleum economy of Trinidad and Tobago. The main results show a negative oil-real effective exchange rate dependency; a weak oil-stock returns association; and the existence of several energy contagion channels in both financial relationships, which are sensitive to the contemporary global financial crash.

Energy Contagion Analysis: A New Perspective with Application to a Small Petroleum Economy

We put forward the novel concept of energy contagion, i.e. a deepening of energy-finance linkages under crisis periods in energy markets, and test for this using standard correlation measures and recently proposed adjusted correlation, co-skewness, and co-volatility contagion tests. Our analysis is applied to the oil-exchange rate and oil-stock market relationships of the small petroleum economy of Trinidad and Tobago. By defining our samples for the contagion measures in terms of calm and crisis conditions in the international crude oil market, we are able to compare how various co-moments in the energy-finance nexus change during oil booms and slumps using semi-parametric rule-based algorithms, as well as during relatively tranquil and turbulent oil price volatility episodes with a non-hierarchical k-means clustering algorithm on volatility measures. Our main results show a negative oil-real effective exchange rate dependency; a weak oil-stock returns association; and the existence of several energy contagion channels in both financial relationships, which vanish when we control for the contemporary global financial crash. Energy contagion analysis is essential to financial stability analysis in economies where prosperity is linked to the prices of hard commodities.

Investor demand, market efficiency and spot-futures relation: Further evidence from crude palm oil

This study examines the hypothesis of Tilton et al. (2011) that asserts investor demand affects commodity prices when spot and futures prices are closely correlated during strong contango in a hard commodity like copper. However, using daily data of crude palm oil (CPO) spot and futures prices from January 2000 to July 2016, after taking into account the variance of the increments in a random walk as measured by variance ratio, our study finds that spot and futures prices are highly correlated during backwardation period. It is further observed that: First, investor demand on the futures market is highly correlated with spot and futures prices during backwardation, but lesser during weak contango, and the least correlated during strong contango. Second, the efficiency of the futures market is related to the degree of correlation between spot and futures price changes. High efficient information transmission in the futures market is linked to a high correlation between spot and futures markets and vice versa. Therefore, we extend the hypothesis that the preference of holding a long position in the futures market is due to the anticipation of insufficient supply of CPO which happens during the backwardation period.

The Impact of Elnino on Soft and Hard Commodities, Reference to Commodity Markets and Commodity Derivatives in India – A Study

ElNino is the irregular climate conditions which created by the warming of the pacific sea close to the equator, off the shore of South America. This happens when the typical exchange winds debilitate (or even switch), which lets the warm water that is generally found in the western Pacific stream rather towards the east. This warm water uproots the cooler water that is ordinarily found close to the surface of the eastern Pacific, setting off air changes that influence climate designs in numerous parts of the world. ElNino has gigantic effect over Soft Commodities, for example, Rice, Wheat, Sugarcane, Soya bean, Brunt Oil and so forth., and Hard commodity like Gold, Copper, and so forth., in Commodity markets and commodity derivatives over the world. The effects felt by these commodity markets and subordinate markets are examined in this article with the assistance of the reports put together by Japan, Australia, Asia, US, African climate reporting organizations.

An Empirical Investigation of Commodity Trading and Risk Identification: using Hedging and Neutral Risk Assessment Method

The uncertainties of the forthcoming markets values and the future incoming are determined by the commodity trading. This is mainly depicted by the flux vacation in the commodity prices. Based on the product, we have hard commodity and soft commodity the trading determines the cash flow of the organization and if risk associated with it has. The retail investors determine the commodity market. This analysis helps us to learn the investor's perfection and their awareness level. This paper deals with the perspective of commodity trading in historic aspects. The regulation and scope of commodity trading risks are to be reduced by hedging and neutral valuation methods. This process shows the various risks associated with gold and its derivative markets. Risk reduction can be done using hedge methods, but can't be eliminated fully. This result in the minimization of variance of the borrowing cost in y-hx and r-square.the another approach is to reduce the impact through utility theory of the risk neutral valuation. Investors save a part and utilizes if in future. The commodity trading outlooks the impact of risk factors identification and reduction methodology, which helps individuals and organization of retails investors to get involved in hard and soft commodity trading.

Le Borse Delle Merci [Commodity Exchanges

The article gives an overview of major commodity exchanges and exchanged products. Soft commodities, agriculturals, and hard commodities such as industrial and precious metals, are covered. The importance of quality and quantity standardizations is discussed, together with the differentiation between spot and forward markets, the latter in the double dimension of physical and derivatives markets, including Futures and Options. Price volatility gives opportunity for hedging and speculating on commodity exchanges and this article explains how this is achieved.A section is devoted to exchanges specialized in energy products, i.e. crude oil, refined oil products, natural gas and electricity. Finally, main new trends are presented, including electronic marketplaces, new financial products, emission trading and a detailed explanation of weather derivatives.

The Asian drivers and the resource curse in Sub-Saharan Africa: the potential impacts of rising commodity prices for conflict and governance in the DRC

This paper builds on the growing literature on the political resource curse by highlighting the potential impacts of risitarianing global commodity prices on good governance and peace-building in the Democratic Republic of Congo (DRC). It confirms the existence of the connection between natural resource dependence, armed conflict and weak governance, particularly in Sub-Saharan Africa. By focusing on the Democratic Republic of Congo, the paper contributes to the ongoing resource curse literature by highlighting the role of various mineral resources, the geographical distribution of such resources as well as the role of international state and non-state actors. The paper argues that the recent shift in the global terms of trade in favour of hard commodities due to the growing demand of China and India will present significant challenges for governance and peace-building as state and non-state actors attempt to gain control over lucrative natural resource rents.

Revisiting the revisited terms of trade: Will China make a difference?

In challenging the conventional wisdom at the time, Singer and Prebisch posited a number of explanations for declining terms of trade of developing economies, including both country- and product-specific factors. Over the past decade, we have begun to witness a simultaneous process of price differentiation within commodities (with the prices of some commodities increasing) and within manufacturing (with the price of many manufactures falling). These price changes may reverse the decline in the terms of trade of commodity producers. The entry of China into the global market has played an important role in this, augmenting the demand for many “hard commodities.” Its role as an exporter of manufactures, coupled with concentration in global buying may undermine the prices of many manufactures.

This House of Sky: Landscapes of a Western Mind by Ivan Doig

324 Western American Literature Indian novels, there are Mountain Man novels, railroad novels, and mining novels, to name just a few. But a reviewer should not, I think, quibble too much with a title, especially since this is such a carefully selected, wellorganized anthology of criticism. Folsom has given a great deal of thought to this one, and we will all profit from it. DELBERT E. WYLDER, Murray State University This House of Sky: Landscapes of a Western Mind. By Ivan Doig. (New York: Harcourt Brace Jovanovich, 1978. 314 pages, $9.95.) Ivan Doig looks back upon his family’s past in order, as he suggests, to know “how, now, my single outline meets the time-swept air that knew theirs.” This House of Sky is not so much an autobiography as an interpreta­ tion of the lives of Doig’s father, Charlie, and his grandmother, Bessie Ringer, and the hard Montana country they lived in. The true focus is the writer’s father, Charlie. If there is an authentic westerner, Charlie Doig is that man. He seems bounded, the westerner in his place. Not in any sense a traveler, Charlie is ever restless away from Montana where he is bom and toils his life away. What are the traits of this man of the mountain West? Fundamentally he is a man of work. No self pity. Little self indulgence. Work is what he does with his time from before dawn until after dark seven days a week. Fun is a couple of beers in town every other Saturday night. Rest is the daily break at noon for dinner (evening meal is supper on the ranch and farm). Noon for Charlie Doig meant “the controlled curve of the day from morning into afternoon, where the beginning of labor crossed into the lessening of labor.” Also fundamentally Charlie Doig is a wizard of survival. Ivan remembers his father as a man with a “cocked grin of wryness at having survived one time more.” Flooded and windblown, busted by disease and storm, burned by squirrelly landlords, stomped by rank horses, Charlie Doig bounces with a wry grin and tries again. “But I always healed fast,” Ivan recalls his father’s always saying. Much of the survival stuff is in these people’s making accommodations; they make do with what they have at hand, seldom worry about appearances. Ivan is raised by his father and maternal grandmother. He ponders the relationship of these two who move in together to parent a growing boy, neither of whom had reflected upon his role in life, but either capable of the most hazardous one. Finally, skill at handling men and animals is fine honed in Charlie Doig. He reminds me of the old cowmen in Larry McMurtry’s books. “Ranch Reviews 325 crews were a hard commodity, a gravel mix of drifters, drinkers, gripers, not a few mental cripples, and an occasional steady worker. . . . It was a mark of Dad’s crews that they generally went out of the bunkhouse to the school section and the creek fence and a dozen other jobs just as if the work had been their own idea all along.” Perhaps the finest thing about this book is the writing itself, the richness of thought and image and phrasing. In this it is like two other interpretive books about the West — Stegner’s Wolf Willow and Graves’ Goodbye to a River. Line after line reads fresh as Montana morning. Driving across a northern prairie at night, “Dad puzzled through the darkness along fainter and fainter scuffs of prairie road. . . . notched his chin ahead another full inch and choked the steering wheel as if it had betrayed him.” Or, of a home sheepcamp high on a mountain ridgeline: “Alone here on our abrupt tiny shelf, the three of us eased through May and the first twenty-six days of June secure as hawks with wind under our wings. Once a week, the camptender from the home ranch would come the dozen miles of trail to us. The blaze-faced sorrel he rode and the packhorse haltered behind would plod in from the shadows which pooled in our valley under the shouldering slopes...

A Second Look at Inflation

o Concern with inflation is now so pervasive that the Administration can accept, at only slight political risk, an undesirable level of unemployment if the tradeoff is better inflation numbers. Ironically, this fundamental shift in public opinion is probably the most important reason for some optimism about future prospects for inflation. But it is not the only reason: There is more capacity around than some investors realize, and while some of the slack has already shown up in abating rates of price increase, some has not. Take, for example, the oil shortage. There are indications that demand for oil is indeed price elastic: Industry is finding ways to reduce energy consumption significantly and the public utilities are finding it possible to defer construction of new generating capacity. On the supply side, half a dozen OPEC countries are now in balance of payments deficit; shutting down their wells would require a heroic degree of self-abnegation. Meanwhile host governments are again offering incentives to resource development. It now seems likely that crude supplies will last well into the time when alternative energy sources will be available in quantity. The news on the food front is even more encouraging, with short-term prospects for a substantial surplus in such grains as wheat and rice and long-term prospects for slowing population growth and growing political support for a world version of the ever normal granary. There are similar grounds for optimism in hard commodities and in services. We Americans are extraordinarily adaptable. On one hand, we are becoming more concerned with the quality of life and less concerned with material consumption. On the other, we are becoming disenchanted with big government spending. Arthur Burns recently observed: If we are to have any chance of ridding our economy of inflationary bias, we must at least be willing to reopen our economic minds. This is just what we seem to be doing. .