Contents


1


Foreword Guy Isherwood


4 New World Order Darin Newsom


9 The Impossible Quest for Diversification Commodity diversification properties


14 Merchandiser News from around the commodity markets


20 Commodity Business Awards 2010 Winners


24 A Game Changer Full-simulation real-time portfolio management


European Power & Energy (Supplement)


31 The European Energy Challenge Guy Isherwood


34 Unlocking Caspian Riches Energy riches of the Capian region


38 Developing Pan-European Energy Markets Q&A with Dr. Hans-Bernd Menzel, CEO of EEX


42 European Gas The oil link... The long goodbye?


46 Developing Pan-European Energy Markets Q&A with Mikael Lundin, CEO of Nord Pool Spot


50 Bidding for the Better EU ETS moves to auctioning


53 What’s Driving the Nordic Power Market? Hydrology or coal? Pricing considerations


Commodities Now


(ISSN 1365-6953) (USPS 016131) is published four times a year:


(March, June, September & December)


by Isherwood Production, 39 Thurloe Place, London, SW7 2HP, UK


The 2010 US Institutional subscription price is US$190. Airfreight and mailing in the USA by Agent named Air Business C/O Worldnet Shipping USA Inc., 149-35 177th


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Subscription records are maintained by Isherwood Production, 39 Thurloe Place, London, SW7 2HP, UK


58 The Physical Challenge New demands of trading physical commodities


61 Incoterms 2010 ICC Rules for use in contracts for the supply of goods


65 Credit Valuation Adjustment for Commodity Derivatives


70 Food Prices Reaching Crisis Levels? Guy Isherwood


74 Base Metal ETCs Launch Ted Arnold


77 Worldwide Nonferrous Exploration Budgets rise to $12 billion


78 Trade With Iran: Have they sanctioned it?


Commodities Now does not represent an offer or recommendation to buy or sell or a solicitation to buy or sell any of the


financial products mentioned herein and is not a substitute for direct professional advice on a specific transaction. [see disclaimer on page 92]


82 ‘Peak Metal’ Production ... a dangerously pessimistic misconception


84 World Energy Outlook: 2010 Global Energy to 2035


92 Advertisers Index & Production Notes


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