Fundamental Market Analysis (2008/2009)

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Course code
Name of lecturer
Giovanni Tondini
Number of ECTS credits allocated
Academic sector
Language of instruction
Secondo semestre dal Feb 23, 2009 al May 23, 2009.

Lesson timetable

Learning outcomes

The purpose of this course is to present the framework for the commodity and financial markets by providing:
1) Economics of commodities
2) geo-politics of commodities and predictable scenarios
3) array of long-term price
4) history and outlook for each commodity and financial sector
Understanding what has happened in the past is critical for forecasting the markets looking ahead. The economics show the supply and demand trends, the elasticity and substitute effect of main commodities.
In the course end the student can gain an overview of what has been happening in each major commodity and financial sector and also gain an important understanding of the key factors that are likely to drive each market in the future.


General course: Microeconomic Theory of Commodities

1. Introduction
1.1. Economics of Commodities: Supply and Demand
1.2. The Weather’s Role in the Commodities Markets
1.3. Case Study
1.4. Weights and Measures

2. Commodities Markets
2.1. Why Do Energy Markets Exist?
2.1.1. Oil Markets (see also monographic course)
2.1.2. Natural Gas Markets
2.1.3. Electricity Markets
2.1.4. Other Energy Markets
2.2. Other Commodities Markets
2.2.1. Metals
2.2.2. Wheath, Corn and Soybeans
2.2.3. Meat
2.2.4. Sugar, Cocoa, Coffee, etc.

3. Commodities Markets Instruments
3.1. Spot, Cash and Physical Delivery Contracts
3.2. Forward Contracts
3.3. Derivates

Monographic Course: applying Microeconomic Theory of Commodities

1. Oil Geo-Politics
1.1. Oil geography
1.2. Oil market and the crisis of 1973
1.3. Contemporary geo-political issues

2. Oil Economics
2.1. Oil market: Basic conditions
2.2. Oil Production Function: Extraction, refining, transport
2.3. Oil production: demand, supply, price

Assessment methods and criteria


Teaching aids