Das Unternehmen hat nicht öffentlich Stellung zu diesem Vorfall. From where is commodity trade conducted? In the merger process, the non-trading culture won, eliminating several competitors. War Vitol in Verletzung? Mit dieser Sichtweise wird der Blick ein wenig in die Zukunft gerichtet.
Vitol and Glencore were financing one of the largest deals in the history of the oil industry. The Rosneft deal was finally concluded on March The size of the loan offers a vivid example of the formidable and growing role of obscure trading houses, whose names are relatively little-known outside a community of dealers specialising in energy, metals and agricultural commodities.
The scale of their operations has long been hard to determine. Eleven of the 20 biggest houses are either unlisted or have only recently been required to present filings to exchanges.
The documents, coupled with dozens of interviews with executives, bankers and consultants, give a rare insight into the increased reach that the traders have gained worldwide.
Critically, the documents reveal profit growth more redolent of the explosive development of Silicon Valley start-ups than the centuries-old business of trading. Mr Glasenberg stresses that one decisive factor has underpinned this dizzying transformation. Trafigura exemplifies the boom that Beijing has helped to fuel over the past decade. Vitol is another example. All this has been built on revenues that have reached extraordinary highs.
Still, the rapid ascent of the traders over the past decade has sparked alarm among non-governmental organisations and lawmakers. Critics accuse trading houses of distorting food and gasoline prices through speculation and say that they enjoy cosy relationships with regimes notorious for human-rights abuses, such as Iran and Sudan.
The traders monitor supply and demand worldwide — data that they then use for arbitrage trading. At its most basic level, they deploy people to count cocoa stocks in Ivory Coast or set up cameras to film coal stocks at Japanese power stations — all to determine the inventory fluctuations and price discrepancies through which they make their millions.
An even more controversial advantage for the trading houses, which now sets them apart from the big banks, is that they are largely unregulated. This too is causing consternation, particularly as the houses step into a funding void vacated by western banks. The government of Switzerland, the main hub of the trading titans , recently acknowledged the challenge in unusually candid language for an official report: These advantages are boosted by an unusually low tax burden, with the commodities traders paying considerably less than oil or mining groups, or indeed Wall Street banks.
The traders have preserved a remarkable level of anonymity despite such a crucial role in the daily supply of energy and food. The leading independent energy trading houses — Vitol, Glencore, Trafigura, Mercuria and Gunvor — together handled more than 15m barrels of oil a day last year — more than enough to meet the import needs of the US, China and Japan.
Glencore and Trafigura form a duopoly that controls as much as 60 per cent of some markets, such as zinc. In niche markets, such as coffee, sugar, cocoa or cotton, relatively unknown companies command extraordinary power. Neumann Kaffee Gruppe is a good example: Ecom Agroindustrial mills more coffee beans than any other company.
Commodities trading is as old as civilisation itself. But the development of the industry accelerated in the s and s as a new breed of more aggressive trading houses emerged. In the past decade, the industry has experienced its most rapid transformation, fuelled by four pillars of growth.
First, the economic boom in emerging countries after triggered a huge expansion in commodities trade. Data are scant but estimates for grain trade from the US Department of Agriculture illustrate the forces at play. The USDA estimates that global grain trade surged Second, although traders do not generally profit from the ups and downs of the market but rather from price fluctuations between locations, a push into investing allowed them to profit from the supercycle.
When the price of commodities surged, so did the value of their assets — and their production. Third, tight markets greatly helped the traders. When surging demand overwhelmed supply, traders profited from the arbitrage opportunities offered by an abundance of price discrepancies between regions. The lean period of to put many trading houses out of business.
Others collapsed when price volatility surged from onwards. Some big traders bought rivals; Cargill bought Continental in October The oil mega-mergers of the late s and early s also helped to cut competition.
In the merger process, the non-trading culture won, eliminating several competitors. However, the trading houses are losing this last advantage. Over the past few years, competition has picked up. Wall Street and the City of London have ventured into physical commodities trading, with Morgan Stanley and JPMorgan moving huge volumes of raw materials such as fuel oil and aluminium on top of their traditional banking business of providing financial derivatives in commodities.
Others see such fears as exaggerated. Two major trading houses failed over the past 12 years without sparking disaster. Enron, which collapsed in after widespread accounting fraud, is the prime example, says Craig Pirrong, an expert in commodities trading at the University of Houston: Still, if Mr Lane is right, the job of overseeing a complex global network of traders will be a daunting one for the regulators.
Low tax has proved to be a strong tailwind for the commodities traders. Other companies in the resources industry such as mining and oil groups pay on average an effective tax rate of per cent. Wall Street banks pay about 20 per cent. Low taxation is in part the product of a race to attract companies to base their operations in cities such as Hong Kong, Dubai, Kuala Lumpur and, above all, Singapore.
Other places are replicating the model of ultra-low taxes to attract trading houses, and are even offering rates as low as zero. Dubai and Hong Kong, for example, have both introduced programmes for trading houses with no taxes. Kuala Lumpur is offering a tax holiday for the first few years for companies dealing in certain commodities. But Switzerland, the biggest hub of the industry, is about to increase tax rates for the commodities traders, lawmakers say.
Geneva will raise the effective tax rate that the traders pay from about per cent now to 13 per cent by Other cantons, including Zug, are likely to follow. Veröffentlicht in Deutschland heute Abend , Tagesthemen. It is often argued that the competitiveness of ports depends on their ability to insert themselves in global supply chains. However, the influential role of commodity traders in managing these global supply chains is not well understood by port planners.
The case for commodity trade is compelling. It is linked with the financial sector on the one hand and with production, storage and distribution on the other.
The aim of this research is therefore to understand the economic geography of commodity trade. Commodity trade is an investment strategy where goods raw materials, production inputs are traded instead of. Commodities traded are often goods of value, consistent in quality and produced in large volumes by different suppliers such as wheat, coffee, sugar, oil, ore and non-ferrous metals. The role of the commodity trader is to match supply with distant demand and negotiate a premium.
In essence, the competitive advantage the capacity to negotiate a premium of the commodity trader is based upon its knowledge of and information on supplies, demand, quality, prices and risks. A fictional transaction in oil: In order to take full advantage of these geographical differences, traders need to understand complex financial-economic instruments while at the same time need to carefully manage global logistics to ship the commodities on the right time to the market.
There are two types of commodity traders. They are typically banks, hedge funds and institutional investors such as pension funds or sovereign wealth funds. Secondly, there are the commodity houses that actually have physical ownership of the commodities and are responsible for shipping them to markets.
This distinction is somewhat artificial as some banks, most notably Goldman Sachs and BNP Paribas, do actually own physical assets, while all the large commodity houses engage in paper trade to mitigate risks in price fluctuations, the so-called futures trade.
The large commodity houses that have actual physical control over the commodities are relatively unknown to the public. In addition to these pure trading groups, some large producers mainly in the oil business such as Shell, BP and Total have also their own trading desks.
And there are new global entrants, mainly from Asia and Russia. For example, Russian oil producer Rosneft recently took over the entire oil trading desk of the American bank Morgan Stanley. How is commodity trade conducted?
Commodities are traded through spot markets and on commodity exchanges. During the mids however, these exchanges have become fully digitised allowing the trade to be conducted from more or less anywhere as long as one has access to the internet. More recently there has been a process of mergers and acquisitions.
The exchanges thus provide platforms for traders to transact and in such a way prices are set. In addition, the commodity exchange also registers storage facilities, mostly located in. The exchanges can also de-list certain warehouses from their registers, effectively banning them from the market. An effect that can have serious consequences. Up to , Antwerp accounted for 87 percent of all copper inventory stored at LME approved storage facilities in Europe according to Reuters.
From where is commodity trade conducted? Due to digitisation of the exchanges, there is no need for the traders to have an actual physical presence near to the exchange building. And while most of the traders have a physical presence in ports to operationally handle the flows of commodities, their trading desks are often located far away.
Nonetheless, the traders still cluster geographically in only a few places that can offer a combination of location factors, of which skilled labour and a business friendly tax climate are the most important. Due to its financial complexity, traders tend to locate their trading desks in financial centres, typically London. It is from these offices in landlocked Switzerland where not only the trades are made and financed, but also from where the logistics are arranged.
Of course there are still some places that for historical reasons have managed to secure some trading activities such as grain in Rotterdam, coffee in Hamburg and cacao in Amsterdam. While the commodity traders used to be asset light, over the last years they have been actively building up assets. In addition, Vitol also owns its own tanker company Mansell, it has its own captive insurance group Anchor and in acquired almost the entire downstream division of Shell in Africa.
By moving down the supply chain, the so-called pipeline strategy, the traders can generate profits at various points in the chain and reduce uncertainty. The trading houses have taken full advantage of high commodity prices over the last decade by acquiring strategic assets along the supply chain even though the global bonanza has somewhat slowed down in recent years. However, there are some other structural changes that will change the landscape for the years to come.
First of all, competition is increasing as new players are entering the global market. These new entrants come from resource- rich developing countries and are quickly setting up their own trading desks to market their products. The margins of the traders are also put under pressure due to the lack of financial capital to further expand and acquire assets. New financial regulations set in place after the global financial meltdown have constrained the ability of banks to finance transactions with commodities as collaterals.
Therefore it is expected that some medium-sized traders will not survive the coming years and that a new round of mergers and acquisitions will take place. Exzessive Spekulation mit Agrarrohstoffen sind für die starken Preissprünge der letzten Jahre mitverantwortlich. Wenn Preise explodieren und Nahrungsmittel unbezahlbar werden, hungern in Armut lebende Menschen und sie müssen bei Gesundheitsfürsorge und Bildung sparen. So wird Armut zementiert!
Biosprit spielte auch eine gewisse Rolle, aber viel weniger, als ursprünglich gedacht. Und wir finden keinen Beleg, dass die angeblich gestiegene Nachfrage aus Schwellenländern irgendeinen Effekt auf die Weltmarktpreise hatte.
Bei der Spekulation gehen Finanzakteure bewusst ein Risiko ein, indem sie auf steigende oder fallende Preise setzen, in der Hoffnung, schnelle und beträchtliche Gewinne zu erzielen. Seit Anfang zeichnet sich ein deutlicher Trend der zunehmenden Spekulation mit Agrarrohstoffen ab. Sie gefährdet das Funktionieren der Warenterminmärkte, erhöht die Preisschwankungen und führt zyklisch zu Verlusten und vermehrtem Hunger.
Zu den Finanzspekulanten zählen Banken, Hedgefonds und institutionelle Anleger , d. Pensionsfonds, Staatsfonds und Versicherungen. Die institutionellen Investoren spekulieren mit Indexfonds. Indexfonds werden passiv gemanagt d. Die wesentlichen fünf Indexfonds sind: Es liegen aber klare Indizien vor, die den Zusammenhang zwischen Preisentwicklung und Spekulation bei Rohstoffen erhärten. Der Marktpreis wird in einem funktionierenden Markt durch Angebot und Nachfrage bestimmt.
Die Beispiele zeigen, dass dies bei den Agrarrohstoffen nicht mehr gegeben ist. Damit entfällt die wichtige Signalfunktion, die der Marktpreis für die Marktteilnehmer innehat. Wenn ein Termin- bzw. Daraus leitet sich auch die Preisbildungsfunktion der Warenterminmärkte ab. Diese sollen nämlich weitestgehend heute die Marktpreisentwicklungen von morgen abbilden. Die Future-Märkte funktionieren nicht mehr. Sie verlieren damit ihre beiden grundlegenden Funktionen: Indexhändler setzen mehrheitlich auf steigende Preise.
Dafür kaufen sie Terminkontrakte. Interessanterweise sank der Zahl der Kontrakte, die von Indexfonds gehalten werden, bevor es zu einem extremen Preisverfall Mitte kam. Über die Indexfonds floss seit viel Kapital in Agrarrohstoffe.
Im gleichen Zeitraum stiegen die Preise der Rohstoffe, die in den Indexfonds enthalten sind, um das Dreifache an. Der massive Einstieg von institutionellen Anlegern in die Rohstoffmärkte führte dazu, dass Swap-Händler mehr Positionen bei Warentermingeschäften halten.
Investmentfonds, die Derivate nutzen, um die Fondsperformance an den Index gewichtete Verteilung einer festgelegten Anzahl von Rohstoffen zu binden. Dies bezeichnet die absolute Obergrenze der Zahl spekulativ ausgerichteter Kontrakte, die von einem einzelnen Akteur Trader in jedem Markt gehalten, aber nicht überschritten werden darf. Morgan und die Barclays Bank. Ein Swap beinhaltet grundsätzlich den Austausch zweier Zahlungsströme, von denen mindestens einer von einem gehandelten Basiswert abhängt.
Man unterscheidet zwei Hauptarten: Bei einer Option erwirbt der Käufer das Recht, die jeweilige Ware abzunehmen. Bei einem Future ist er dazu verpflichtet. Der Verkäufer ist in beiden Fällen zur Lieferung verpflichtet.
Wird das Vertragsverhältnis beendet, kann der dann herrschende Preis der Ware unter oder über dem vereinbarten Preis liegen.
Daraus errechnet sich, ob und wie viel Gewinn oder Verlust eine der Vertragsparteien bei dem Geschäft macht. In der Regel kommt es zu keiner realen Warenlieferung , die Differenz wird finanziell ausgeglichen. The global economic crisis: Managing the financialization of commodity futures trading. Excessive Speculation in the Wheat Market. Permanent Subcommittee of investigations. Mutual Funds Tap Into Commodities. World Markets and Trade Archives.
Testimony of Michael W. Veröffentlicht in Deutschland heute Abend , Finanzen , Tagesthemen. Welcome to the real world of commodities trading. Home to firms like Vitol and Trafigura, who trade more oil than Saudi Arabia and Venezuela can produce.
And they have ambitious plans to grow. Olam started as a company that traded Nigerian cashew nuts. The company employs more than 13, people. With a staff of 1,, Mabanaft sold more than 20 million tons of oil last year. The company trades more than , barrels of oil a day and puts on derivatives for more than 10 million barrels a day. Arcadia has close relationships with Nigerian and Yemeni state oil firms, where it has reportedly broken laws to buy oil at below market prices.
The company owns plantations, mills, processing facilities and transport for distribution. The company is aggressively expanding in South America. The year-old company is the largest trader of cotton and rice, but is struggling to grow. The company needs fresh capital and could become publicly listed in Founder Richard Elman is a high school dropout who got his start commodities in the scrap metal business when he was He now runs a company that employs more than 11, people.
Noble has deep connections with politicians in China, where it plans to expand aggressively. The company employs people and trades nearly million tons of energy commodities a year. Mercuria owns coal mines and oil fields across Asia, Europe and North America.
Trafigura ranks third in oil trading and second in industrial metals, all the more impressive considering the company is less than 20 years old. The company owns barges, trucks, railways and even the processing plants that make the goods it ships. Cargill pioneered the concept of filling up empty barges on their return trips — a revolutionary idea when first implemented.
For example, grain would get shipped down river, and then salt would get shipped up. If it were public, Cargill would rank 13 in the Fortune , right behind Citigroup. Glencore went public last year, opening up one of the most venerable trading businesses to public view. This oil giant trades more than 5.
Viele sind nicht börsennotierte oder Familienbetrieb, und weil der Handel mit physischen Gütern weitgehend unempfindlich gegenüber Aufsichtsbehörden sind.
Mit ihren Verbindungen und Insider-Wissen — Rohstoffmärkten sind meist frei von Insider-Handelsbeschränkungen — Handelshäuser haben sich Machthaber, vor allem in schnell wachsenden Asien, Lateinamerika und Afrika. Sie bilden eine exklusive Gruppe, deren lose regulierten Mitglieder werden häufig in solchen Steueroasen wie der Schweiz. Die Top fünf aufgetürmt Sagen wir es so: Glencore im Jahr auf 55 Prozent des weltweit gehandelten Zinkmarkt, und 36 Prozent, dass für Kupfer.
US-Vorschriften sind nun anstehenden den Eigenhandel der Banken zu begrenzen — spekulieren mit ihrem eigenen Geld. Die neuen Regeln gelten nicht für Handelsfirmen. Oktober, um Positionslimits in Öl-und Metallmärkte zu verhängen. Das gibt Banken, die Anlass zur Sorge Futures handeln, aber da physikalische Spieler erhalten in der Regel Ausnahmen von Grenzen — weil sie als bona fide Hedger kategorisiert — Handelsunternehmen gehen sollten unversehrt.
Handelshäuser waren in der Lage, dies zu tun, weil internationale Sanktionen gegen Syrien nicht den Verkauf von Kraftstoff in das Land zu verbieten, aber sie hatten nicht zu bekämpfen viel Konkurrenz für dieses Geschäft. Trotz einer relativ geringen Regulierungsaufsicht, macht solche Reichweite zu gewinnen Kontrolle. Öffentliche und regulatorische Aufmerksamkeit steigt in der Regel mit Preisen. Die Unternehmen bestreiten die Vorwürfe. Einige Übertretungen machen Schlagzeilen.
Ein Trafigura gecharterte Tanker wurde in der Karibik im Jahr wegen des Verdachts der mit illegalen Volumen der irakischen Rohöl abgefangen. Successful businesses provide for their financial and marketing planning in their management. Our expert knowledge helps you to optimize your margin und supports you with a customer-tailored marketing plan. As a grain producer, you have numerous opportunities for action when it comes to marketing your product.
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