Advanced Commodities

In-person teaching Classroom
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This Advanced Commodities course provides participants with an understanding of the complexities of the commodity markets.

Participants will be introduced to the workings of the oil market before looking at the relationship between foreign exchange and commodities.

It then covers the different commodity derivative markets including the pricing factors, terminology and features that are unique to the commodities market.


This course is for individuals with a with a working knowledge of basic derivatives, commodities and the FX market.

Learning Outcomes

At the end of this course participants should understand:

  • The oil market and the role of OPEC
  • Commodity currencies
  • The commodity forwards and futures market and the impact of contango, backwardation and convenience yield

Course Content

Crude Oil Market Dynamics

  • Global production, consumption and primary distribution
  • Crude oil quality and the impact of location and quality on pricing
  • A brief history of Organisation of the Petroleum Exporting Countries (OPEC)
  • The oil barrel’s four groups
  • Petroleum products

Commodity Currencies

  • The link between FX and commodities
  • Commodity currencies and producers
  • Case study: Iron ore and AUDUSD

Exercises: Identifying commodity currencies and producers

Commodity Futures Market

  • Characteristics and term structure
  • Commodity futures pricing

Commodity Forward Curves
‐ Contango & backwardation

Commodity Futures Returns

  • Futures curve vs. forecasts
  • Convenience and roll yield

Exercises: The role of contango, backwardation and convenience in consumer and producer hedging


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