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Investor demand and spot commodity prices: Reply

Author

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  • Tilton, John E.
  • Humphreys, David
  • Radetzki, Marian

Abstract

In a recent article (Tilton et al., 2011), we argue that even when investor stocks are declining an increase in investor demand can cause a commodity's price to rise, a conclusion that is both contrary to conventional wisdom and counter-intuitive. In his comment on our article, Olle Östensson (2011) challenges this finding. After assessing his concerns in this reply, we maintain that our original finding is valid: investor demand can be driving commodity prices higher even when investor stocks are falling.

Suggested Citation

  • Tilton, John E. & Humphreys, David & Radetzki, Marian, 2012. "Investor demand and spot commodity prices: Reply," Resources Policy, Elsevier, vol. 37(3), pages 397-399.
  • Handle: RePEc:eee:jrpoli:v:37:y:2012:i:3:p:397-399
    DOI: 10.1016/j.resourpol.2012.02.003
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    References listed on IDEAS

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    1. Tilton, John E. & Humphreys, David & Radetzki, Marian, 2011. "Investor demand and spot commodity prices," Resources Policy, Elsevier, vol. 36(3), pages 187-195, September.
    2. Tilton, John E. & Humphreys, David & Radetzki, Marian, 2012. "Investor demand and spot commodity prices: Reply," Resources Policy, Elsevier, vol. 37(3), pages 397-399.
    3. Östensson, Olle, 2011. "Comment: Investor demand and spot commodity prices," Resources Policy, Elsevier, vol. 36(4), pages 372-374.
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    Cited by:

    1. Tilton, John E. & Humphreys, David & Radetzki, Marian, 2012. "Investor demand and spot commodity prices: Reply," Resources Policy, Elsevier, vol. 37(3), pages 397-399.
    2. Gulley, Andrew & Tilton, John E., 2014. "The relationship between spot and futures prices: An empirical analysis," Resources Policy, Elsevier, vol. 41(C), pages 109-112.

    More about this item

    Keywords

    Commodity prices; Investor demand and stocks; Speculation; Strong and weak contango; Spot and futures markets;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
    • L7 - Industrial Organization - - Industry Studies: Primary Products and Construction

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