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e. In economics, a commodity is an economic good, usually a resource, that specifically has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. [ 1][ 2][ 3] The price of a commodity good is typically determined as a function of its market as a whole ...
A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. [ 1] Futures contracts are the oldest way of investing in commodities. [citation needed] Commodity markets can include physical trading and derivatives ...
A commodity chain is a process used by firms to gather resources, transform them into goods or commodities, and finally, distribute them to consumers. It is a series of links connecting the many places of production and distribution and resulting in a commodity that is then exchanged on the world market. In short, it is the connected path from ...
A commodities exchange is an exchange, or market, where various commodities are traded. Most commodity markets around the world trade in agricultural products and other raw materials (like wheat , barley , sugar , maize , cotton , cocoa , coffee , milk products, pork bellies , oil , and metals ).
Characteristics of commodity. In Marx's theory, a commodity is something that is bought and sold, or exchanged in a relationship of trade. [4] It has value, which represents a quantity of human labor. [5] Because it has value, implies that people try to economise its use. A commodity also has a use value [6] and an exchange value.
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index distributed by Bloomberg Index Services Limited. The index was originally launched in 1998 as the Dow Jones-AIG Commodity Index ( DJ-AIGCI ) and renamed to Dow Jones-UBS Commodity Index ( DJ-UBSCI ) in 2009, when UBS acquired the index from AIG .
Soft commodities, or softs, [ 1][ 2] are commodities such as coffee, cocoa, sugar, corn, wheat, soybean, fruit and livestock. [ 3] The term generally refers to commodities that are grown, rather than mined; the latter (such as oil, copper and gold) are known as hard commodities. [ 4][ 3] Soft commodities play a major part in the futures market.
Commodity chemicals are a sub-sector of the chemical industry (other sub sectors are fine chemicals, specialty chemicals, inorganic chemicals, petrochemicals, pharmaceuticals, renewable energy (e.g. biofuels) and materials (e.g. biopolymers )). Commodity chemicals are differentiated primarily by the bulk of their manufacture.