Commodities traders who buy and sell as much as $5.67 trillion of raw materials a year say the benchmark prices for everything from oil to iron ore to gasoline are wrong as often as 27 percent of the time...
...“Commodities markets have traditionally been a backwater that only specialists would have been involved with. Clearly these markets haven’t changed with the times.”... ARE YOU CPO FUTURES SPECIALIST?
...Agricultural commodities had the greatest accuracy, according to the survey... INTERESTING!
...The FTC is looking at the impact that possible manipulation of the benchmark could have on physical and derivative oil markets in the U.S.... MANIPULATION IS EVERYWHERE!!! ...Even for gold, with its pricing system that has lasted more than 90 years, it would be “naive to discount the possibility of price manipulation,”...
...“How do you define manipulation? When an Australian miner shakes a hand with a giant smelter in China and they agree on a term price?”. GET IT!?
Source: Bloomberg