Finanse, Rynki Finansowe, Ubezpieczenia

Previously: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia

ISSN: 2450-7741    OAI    DOI: 10.18276/frfu.2017.1.85-44
CC BY-SA   Open Access 

Issue archive / 1/2017 (85)
Rozwój rynku terminowego na giełdach towarowych w Chinach i jego powiązania z globalnym rynkiem terminowym – analiza rynku kontraktów futures na metale przemysłowe i szlachetne
(The Development Of The Commodity Futures Market On Ch inese Comm odity Exchanges And Its Linkages With Th e Gl obal Comm odity Derivatives Markets – Analysis Of Th e Base And Precious Metals Futures Contracts)

Authors: Jacek Tomaszewski
Szkoła Główna Handlowa w Warszawie
Keywords: commodity exchanges futures prices financialization
Year of publication:2017
Page range:11 (543-553)
Cited-by (Crossref) ?:


Purpose – Presentation of the development of the commodity futures market on the commodity exchanges in China and analysis of the relations between futures prices of selected contracts traded in China and on the mature commodity exchanges. Design/methodology/approach – Descriptive and statistical analysis of the development of Chinese commodity exchanges during the period of 2005–2015. Analysis of the correlations between selected futures contracts quoted on different exchanges. Findings – Fast growth of commodity exchanges in China and their share in the global commodity exchanges trading activity. Strong correlation between prices of contracts traded in China and in mature commodity exchanges. Due to lack of access of foreign investors to Chinese exchanges the correlation may not result from portfolio investors trading activity. Explanations should searched for among fundamental factors affecting commodity prices. Originality/value – Lack of access by foreign financial investors allows to utilise the analysis of linkages between Chinese and developed commodity futures markets as an alternative tool for verification of the hypothesis of increased influence of portfolio investors on commodity futures prices.
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