The functioning of commodity markets has changed related to processes of financialization that involve two major developments - the rise of financial interest on commodity derivative markets through the increasing presence of financial investors and the changing business models of international...

This paper evaluates how different types of speculation affect the volatility of commodities' futures prices. We adopt four indexes of speculation: Working's T, the market share of non-commercial traders, the percentage of net long speculators over total open interest in future markets, which...