STRUCTURAL ANALYSIS OF INTERNATIONAL ORGANIZED COMMODITY MARKETS

In the article it is noted that in modern conditions, organized commodity markets occupy a leading place in the functioning of a market economy. Exchange prices formed on international organized commodity markets provide an opportunity to forecast price conditions and develop trading strategies. An assessment of the current state of international organized commodity markets is provided based on the use of statistical reports of the Futures Industry Association. It was found that during the period under study, exchange trading on international organized commodity markets increased by 2.66 times. This indicates that interest in exchange-traded commodity derivatives remains at a high level. The largest drop from 2014 to 2023 was recorded in 2022 – by 13 %, which was caused by geopolitical changes associated with the war in Ukraine and the disruption of existing logistical routes for the supply of Ukrainian grain and oilseeds to international commodity markets. An analysis of the structure of international exchange trading in commodity assets is conducted. It was found that, unlike financial derivatives, commodity derivative contracts are mostly concluded based on the use of futures contracts, the share of which from 2014 to 2023 was on average 91%. Options on futures contracts on commodity assets increased in 2023 and amounted to 11.96%. Currently, exchange trading in derivative contracts is many times greater than the volume of trading in real assets on the over-the-counter market. Exchange trading in derivative contracts is dozens of times greater than trading in spot contracts. This is explained by a significant increase in the attention of market participants to speculative or investment transactions using derivative contracts. The growing dynamics of exchange trading on international organized commodity markets in recent years is noted, which indicates an increase in the role of international organized markets in the global economy, as well as in the growing interest of market participants in exchange instruments – futures and options. The main trends in the development of international organized commodity markets are presented.