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Commodities – An Introduction    
 
   

 

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Objectives


The course aims to introduce a variety of commodity markets, the various participants and their particular motivations.  It will attempt to define what is meant by a commodity, the patterns of demand and supply and the price drivers as well as giving examples of some of the more common structures.  The course can be tailored to be an overview of all the commodity markets or can focus in on the individual markets.
 

 

Target Audience


This course is suitable for anyone with an understanding of the fundamental concepts of finance but has an interest in understanding how commodities fit into the world of finance.
 

 

Length and Structure of the Course


The course consists of one day of lectures and case studies.  The day typically consists of three or four 90 minute session with coffee breaks in the morning and afternoon and a lunch break in the middle.  There is no exam for this course but candidates will get a certificate of attendance.
 

 

Course Tutor


Neil Schofield

Neil is a visiting fellow at the University of Reading and is a freelance training consultant.  From 2001 to 2008, he was global head of financial markets training at Barclays Capital in London.  He was responsible for the design and delivery of a large number of seminars in a variety of different asset classes to many different audiences.  Previous to that he was a director at Chisholm Roth training in London and has also held positions at Chase Manhattan Bank as well as Security Pacific Hoare Govett (now trading as Bank of America).  Neil has over 20 years of experience in financial markets.  In 2007, he published his first book “Commodity Derivatives” and is currently in the process of writing a second “Relative Value in Financial Markets”.


Course Brochure

Click here to download the Commodities – An Introduction course brochure 
 

 

Course Outline
 

Session 1 Contents 

Commodity fundamentals

 • Identify the links between different commodity markets
• The main traded commodity markets
• Why commodity markets are essentially forward markets


Session 2 Contents 
Forward pricing • The concept of a forward price
• Why normal forward pricing conditions do not apply in commodity markets
• Conditions of contango and backwardation and the situations in which they are most likely to occur
• The main commodity participants and their likely activity along the forward curve


Session 3 Contents 

Physical market participants

 • The nature of a supply chain for different commodities
• The nature of their associated price risks
• Demand and supply patterns for different commodity complexes (i.e. metals vs. energy vs. agriculture)
• The main price drivers of commodity prices

Session 4 Contents 

Financial market participants

• How market participants can invest in commodities (e.g. index funds vs. ETPs vs. MTNs)
• The main commodity indices used by the market
• The main sources of return from index investing (i.e. the concept of the roll yield)
• The main features of exchange traded products
• Structured commodity products


 
   
 

ICE EducationDetails of the next seminar


London, have a look at the venue
29 March 2012

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ICE Education
5th Floor Milton Gate
60 Chiswell Street
London EC1Y 4SA
United Kingdom

Based at ICE Education London offices: IntercontinentalExchange® (NYSE: ICE), is a leading operator of regulated global futures exchanges, clearing houses and over-the-counter (OTC) markets. ICE's diverse markets offer contracts based on crude oil and refined products, natural gas, power and emissions, agricultural commodities including canola, cocoa, coffee, cotton, orange juice and sugar, as well as credit derivatives, foreign exchange and Russell Index futures and options.
  
   
 

Costs
 

The cost will be £500.00 for ICMA Members and £650.00 for non-members.  
The following discount scale is offered:
2-4 candidates – 5% discount each*
5+ candidates – 10% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.

Payment can be made by secure online credit card or by invoice.  Please note that the BACS invoice method has an additional £50 admin fee.

Note that anyone requiring accommodation to take the course will be required to arrange this on their own; it is a class-based but non-residential course.
 
   
 

For more information


This course is also available on a group booking basis.
Should you have any queries about this seminar please contact:

 

Leanne Ley for general administration & finance queries

l.ley@icmacentre.ac.uk
Phone: +44 (0)118 378 6272


For other enquiries, please contact David Senior on +44 (0)20 7213 0329 or e-mail education@icmagroup.org.

 

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“Taught by highly knowledgeable trainer.  The course is very informative, interesting and enjoyable class.  Very impressed with content and delivery. Wouldn't hesitate to recommend.”

Adele Mundy, Senior Client Trainer, Thomson Reuters
 
 

CFA Institute CE Approved Provider


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