RT Journal Article
T1 Tail risks of energy transition metal prices for commodity prices
A1 Reboredo Nogueira, Juan Carlos
A1 Ugolini, Andrea
A1 Ojea Ferreiro, Javier
K1 Tail risk
K1 Commodity prices
K1 Energy transition metals
K1 Copulas
AB Energy transition requires huge amounts of critical metals —called energy transition metals (ETMs)— to deploy clean energy technologies. The growing demand for ETMs and uncertainties regarding the path to net-zero emissions could cause ETM price oscillations, with potential effects on the prices of other commodities. We explore whether upward and downward movements in ETM prices have a neutral effect on the level and volatility of energy and non-energy commodity prices. By characterizing the conditional dependence between ETM and commodity prices, we document that, except for natural gas, extreme ETM price changes have a non-neutral effect on commodity prices, although this effect vanishes for non-extreme price movements. The implications of this evidence for investors operating in commodity markets are evaluated in terms of commodity risk-adjusted returns, commodity tail risk, and liquidity needs for trading in commodity futures contracts
PB Elsevier
SN 0301-4207
YR 2024
FD 2024-05-16
LK http://hdl.handle.net/10347/34974
UL http://hdl.handle.net/10347/34974
LA eng
NO Resources Policy 93 (2024) 105057
NO We are grateful to the editor and one anonymous referee for their helpful comments This research project was funded by the Agencia Estatal de Investigación (Ministerio de Ciencia e Innovación) under research project with reference PID 2021-124336OB-I00, co-funded by the European Regional Development Fund (ERDF/FEDER). Funding is gratefully acknowledged from the Xunta de Galicia through the project “Consolidación e Estructuración 2023 GRC GI-2060 - Análise Económica dos Mercados e Institucións - AEMI (ED431C2023/05)”
DS Minerva
RD 24 abr 2026