Reboredo Nogueira, Juan CarlosUgolini, AndreaOjea Ferreiro, Javier2024-10-012024-10-012024-05-16Resources Policy 93 (2024) 1050570301-4207http://hdl.handle.net/10347/34974Energy 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 contractsengAtribución-NoComercial 4.0 Internacional© 2024 The Authors. Published by Elsevier Ltd. This article is available under the Creative Commons CC-BY-NC licensehttp://creativecommons.org/licenses/by-nc/4.0/Tail riskCommodity pricesEnergy transition metalsCopulasjournal article10.1016/j.resourpol.2024.1050571873-7641open access