Investor demand and spot commodity prices: Reply |
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| Authors: | John E Tilton David Humphreys Marian Radetzki |
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| Institution: | 1. Division of Economics and Business, Colorado School of Mines, Golden, Colorado, USA; and Professor, Department of Mining Engineering, School of Engineering, Catholic University of Chile, Santiago, Chile;2. Independent consultant and former Chief Economist for Rio Tinto and Norilsk Nickel, London, UK;3. Luleå University of Technology, Luleå, Sweden |
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| 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. |
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| Keywords: | Commodity prices Investor demand and stocks Speculation Strong and weak contango Spot and futures markets |
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