Advance Release "Price Formation in Commodities Markets"

Published in 
CEPS - Centre for European Policy Studies 1 Place du Congrès / Congresplein 1000 Brussels

Join CEPS-ECMI experts for an advance release of this landmark CEPS-ECMI Task Force Report, next Tuesday July 9 over breakfast - open only to members, officials and press (see registration conditions below).

Commodities markets are the engine of the global economy. Easy access to commodities can boost economic growth and competitiveness. A new ECMI-CEPS Task Force report, authored by ECMI Head of Research Diego Valiante, looks into the price formation of 11 commodities markets. Among its findings, demand and supply factors are still fundamental drivers of prices, but there is a growing interlink with financial asset returns, which points at the unintended effects of long-term monetary policies (among others) in increasing the interconnection across asset classes.

The report also calls for more supervision over short-term trading practices (herding behaviour), more transparency of physical holdings and futures volumes, and effective policies to manage conflicts of interest between commodity firms and market infrastructures. Finally, the organisation and interaction between futures and physical markets rely on the smooth functioning of storage and delivery systems, which ultimately permit futures prices to reflect high-quality information about underlying physical market conditions.


  • Please click here for the full report and supporting documents


  • Diego Valiante, ECMI Head of Research and CEPS Research Fellow - Rapporteur to the Task Force and Author
  • Christian Egenhofer, CEPS Senior Fellow and Head of the Energy and Climate Programme - Rapporteur to the Task Force


  • This event is only open to the press, Task Force members, CEPS corporate members, ECMI members and officials
  • Registration is free of charge
  • Registration desk will open at 8:45 on July 9
  • Breakfast provided