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Commodity Markets and Structured Finance

London Financial Studies
Course summary
Corporate Training for Teams
Next available date: Enquire for more information - Online courses
Course Dates
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Course description

Commodity Markets and Structured Finance 

Commodities have experienced lots of changes over the last 25 years: after a decade of stagnant prices in the 1990s followed by a large rise in the years 2000 all the way into 2008 and a collapse at the time of the financial crisis, the price behaviour since the end of 2008 has been commodity-specific.

In the world of today’s low energy prices, trading strategies have to be more subtle and should be organized around spreads, term structure of forward prices. In the case of crude oil and natural gas, the geography of the different markets needs to be comprehended In order to build strategies. For agricultural commodities, weather risk continues to be the main source of risk, together with credit.

This comprehensive 2-day programme focuses on understanding price formation, management of spot and derivatives commodity positions and investing in commodities. It provides an in-depth analysis of financial instruments; issues of delivery when warehouses are bought by strategic players; and investment opportunities going forward in the world of commodities, in particular the rewarding activities of Trade Finance and Commodity Inventory Finance.

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

Can't travel? Don't want to travel? LFS Live brings the class to you!

  • Live interactive training from world renowned practitioners in the comfort of your own home
  • Real classroom experience without the inconvenience of travel
  • World class teaching from the comfort of your preferred location

Please contact us for more information.

Suitability - Who should attend?

The "Commodity Markets and Structured Finance" training course is aimed at:

  • Commodity traders
  • Hedge fund managers
  • Investment bankers
  • Energy company risk managers
  • Insurance companies
  • Industry Executives

Some basic knowledge of finance will be required. All fundamentals on commodities will be reviewed.

Training Course Content

This course covers:

Day One

Fundamentals of Spot and Forward Commodity Markets

  • Outlook of Commodity Markets
  • Price Formation in Commodity Spot Prices
  • Commodity Exchanges: The Old and the New
    • The Importance of Liquid Indexes for the Growth of Derivatives
    • Shipping as an Important Part of Commodities Trading
    • Trade Finance as a Profitable Activity
    • Bill of Lading and Letters of Credit
    • Commodity Inventory Finance: Famous losses involving major banks
  • Inventory and Commodity Spot Price Volatility
    • Theory of Storage and Convenience Yield
    • Carry Trade Relationship and Shape of the Forward Curve
  • Margin Deposits and Margin Calls in Futures Trading
  • Futures and Forwards
  • Swaps


  • Base Metals
    • Aluminium
    • Copper
    • Nickel, Tin, Lead, Zinc
    • Iron Ore and Steel
    • The London Metal Exchange
    • Warehouses and Recent Delivery Problems
    • The New Exchanges: Shanghai, Singapore
  • Precious Metals
    • Gold over the last 10 years
    • Silver
    • Platinum, Palladium and their specific risks


  • Crude Oil and Oil Refined Products
  • Oil Forward Curves over the last ten years
  • Changes in the Forward Curve and Trading Strategies

Case Study: Hedging Strategies for an Industrial Producer/Consumer

Day Two

Energy (cont.)

  • Natural Gas, Shale Gas and LNG
  • Coal and the contrasted situation across major countries
  • Electricity and its current sources. The example of Germany
  • Uranium
  • Rare Earths, Cement and Raw Materials. The case of China

Risk Management of Commodities and Raw Materials

  • The Use of Options to Hedge or Get Exposure to Commodity Prices
  • Plain Vanilla Options on Futures
  • Traded Average Price Options (TAPOs) and Average Rate Swaps on the LME
  • Exchange and Spread Options
  • Volatility Skew/Smile in Commodities
  • Valuation of Physical Assets. The example of a Power Plant, an Aluminium Smelter, a Gas Storage Facility

Agricultural Commodities

  • Weather Risk and Country Risk in Agricultural Commodities
  • Hedging Agricultural Risk with Weather Derivatives
  • Fertilizers and Fertilizer Swaps
  • Volatility in Corn and Wheat Prices
  • Coffee, Cocoa, Sugar
  • Water as a Crucial Commodity

Investing in Commodities

  • The different vehicles
  • Structured Notes on Commodities
  • Investing in Shares of Commodity - Mining companies
  • Mergers, Acquisitions and IPOs in the Mining world
  • The Challenges in building and managing a Commodity Index
  • Commodity as Collateral

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About provider

Exclusive training for Capital Markets & Investment Bankers in Europe, Americas and Asia Pacific

London Financial Studies are specialists in delivering professional development for finance professionals focusing on capital markets. LFS provide individuals, teams and companies with expert teaching that combines theoretical understanding with practical experience, giving them the knowledge to operate at the...

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London Financial Studies

34 Curlew Street
SE1 2ND London

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