Free Course

Commodities

How physical markets work - from grain storage and seasonal basis to the mechanics that connect futures prices to the real world.

23 lessons·1 hr 53 min total·Free, no signup

01·Lesson
4:29
Agricultural Futures Basis
Why don't farmers get paid the futures price when they sell their crop? The answer is basis - the gap between the futures contract price and the local spot price. A short walkthrough of cost-of-carry mechanics, how basis shifts from negative at harvest to positive pre-harvest, why farmers hedge at 'futures minus basis', and how the delivery mechanism keeps the two prices tethered together at expiration.
02·Lesson
4:05
Aluminium
Aluminium is the most abundant metal in Earth's crust - yet it costs more than copper. The reason is electricity. A short walkthrough of the Hall-Héroult smelting process that makes aluminium energy-intensive to produce, why China sets the global price, how recycling slashes energy use by 90-95%, and what the rise of 'green aluminium' premiums means for the market.
03·Lesson
4:05
Antimony
Antimony is a brittle silver-white metalloid that quietly underpins modern electronics and fire safety - yet most investors have never heard of it. A short walkthrough of why China controls 60% of global supply, how antimony ends up in flame retardants and semiconductor dopants, why the futures market is thin and price-volatile, and what regulatory headwinds could do to long-term demand.
04·Lesson
5:44
Arsenic
Arsenic has a dark reputation - but inside modern semiconductors it's indispensable. A short walkthrough of why arsenic is recovered as a copper-mining byproduct rather than mined directly, how gallium arsenide chips outperform silicon in high-frequency and aerospace applications, why there are no listed futures contracts, and what Western dependence on Chinese supply means for semiconductor supply chains.
05·Lesson
3:47
Understanding Backwardation
When nearby futures cost more than contracts months out, the market is in backwardation - and it's telling you something important about supply. A short walkthrough of why a downward-sloping futures curve signals physical scarcity, how backwardation differs from contango, what events like the 1973 oil embargo and 2022 Ukraine invasion did to the curve, and why ETF investors pay a hidden cost called roll drag in deep backwardation.
06·Lesson
6:03
Beryllium
Beryllium is one of the lightest structural metals on Earth - four times stiffer than aluminium at a fraction of the weight - yet most investors have never heard of it. A short walkthrough of why aerospace and defence dominate demand, why only 200–300 tonnes are produced globally each year, how pricing works without a futures market, and why the US has designated it a critical strategic material.
07·Lesson
3:54
Commodities: The Mystery of Brent Crude
Brent Crude prices roughly 70% of the world's oil trade - yet the North Sea fields it's named after now produce under a million barrels a day. A short walkthrough of how a shrinking physical market became the planet's dominant oil benchmark, why Brent trades at a $1–5 premium to WTI, what 60% financial positioning means for price formation, and whether declining North Sea reserves threaten the benchmark's long-term credibility.
08·Lesson
6:54
Cadmium
Cadmium powered the world's rechargeable batteries for decades - then regulators stepped in. A short walkthrough of how this toxic byproduct of zinc and copper refining became essential to Ni-Cd batteries, why the EU ban pushed the market into a slow structural decline, where aerospace and defence electroplating keep demand alive, and why cadmium is rarely a standalone investment despite trading on the LME.
09·Lesson
4:01
The Calendar Spread
A calendar spread pairs a long position in one futures month against a short in another - and it's one of the most capital-efficient trades in commodities. A short walkthrough of how spreads profit from curve convergence, the different approaches for contango and backwardation markets, why professional traders use butterfly and condor spreads to isolate specific curve segments, and the key risks that can unwind even a well-constructed spread.
10·Lesson
5:07
Chromium
Chromium is why stainless steel doesn't rust - and it accounts for roughly 75% of all chromium consumption. A short walkthrough of how chromium flows through markets as ferrochromium rather than a direct futures contract, why South Africa's 40% share of global reserves creates a structural supply risk, what drives the price cycle, and why there's no pure-play chromium investment.
11·Lesson
4:15
The Coal Paradox
Coal is the dirtiest fossil fuel on Earth - and the world still burns 8 billion tonnes of it every year. A short walkthrough of the two completely separate coal markets (thermal for electricity, coking for steel), why China accounts for half of global output and 55% of demand, how Australia became Asia's premium supplier, and what the long road to a 15–25% electricity share by 2050 actually looks like for investors.
12·Lesson
4:51
The Cobalt Bottleneck
The Democratic Republic of Congo produces roughly 70% of the world's cobalt - and no other critical commodity is so dependent on a single nation. A short walkthrough of why cobalt became essential to EV battery cathodes, how the market swung from $8 to $25 per pound and back to $6 in just two years, why LFP batteries are threatening to bypass it entirely, and what a 5% recycling rate means for long-term supply security.
13·Lesson
4:48
The Economics of Cocoa
Côte d'Ivoire and Ghana grow over 60% of the world's cocoa - and a single disease outbreak can wipe out 20–30% of a harvest. A short walkthrough of why cocoa demand is almost entirely tied to chocolate, how slow-maturing cacao trees make supply painfully inelastic, why farmers receive only 10–20% of the final chocolate price, and what climate change and farmer abandonment mean for long-term supply.
14·Lesson
5:31
Coffee: The Most Fragile Morning Routine
Over 2 billion people drink coffee every day - and the entire supply chain rests on a handful of frost-prone growing regions and 20 million small farmers receiving 5–10% of the retail price. A short walkthrough of Arabica vs Robusta, why a single Brazilian frost can cut the following year's supply by 20–30%, how the 3–4 year tree maturity cycle creates boom-bust pricing, and what climate change means for Colombia, Kenya, and Ethiopia.
15·Lesson
5:39
Commodity Index Funds Explained
Commodity index funds let you own a diversified slice of raw materials - oil, metals, agriculture - without ever touching a futures contract yourself. A short walkthrough of how funds like the S&P GSCI and Bloomberg Commodity Index work, why roll drag silently erodes 2–5% of returns annually in contango markets, the difference between ETFs and mutual fund structures, and what energy-heavy weightings mean for what you're actually buying.
16·Lesson
4:07
Commodity Term Structure
The shape of a commodity's futures curve tells you almost everything about the current state of the market. A short walkthrough of contango and backwardation, the convenience yield that explains why physical holders accept lower returns than futures imply, how the curve responds within hours to supply disruptions and inventory data, and why persistent contango quietly drains 2–5% annually from buy-and-hold investors.
17·Lesson
4:36
The Game of Hot Potato: Why Commodity ETFs Hide a Secret Fee
Commodity ETFs can track an index perfectly and still deliver returns far below the underlying commodity price. The culprit is contango - the normal market structure where future prices exceed spot prices. A short walkthrough of why storage, insurance, and financing costs create an upward-sloping curve, how rolling expiring contracts into pricier ones drains 5–15% annually, what super-contango is, and how professional traders exploit the spread.
18·Lesson
4:42
Doctor Copper: The Pulse of the Global Economy
Copper has a PhD in economics - prices rise with global growth and fall sharply in recessions, making it the commodity market's most reliable macro barometer. A short walkthrough of why Chile and Peru supply 40% of global output, how China's 50% share of demand turns every construction slowdown into a price shock, why EVs need four times more copper than petrol cars, and what the energy transition means for long-term supply and demand.
19·Lesson
4:52
Cotton: The Fabric of the Global Economy
Cotton is the world's most-used natural fibre - yet polyester has quietly taken over half the textile market. A short walkthrough of how India, China, and the USA divide up 60% of global production, why a 1–2 year planting lag creates boom-bust price cycles, how polyester acts as a natural price ceiling, and what slow demand growth of 0–1.5% annually means for the long-term outlook.
20·Lesson
4:59
Decoding Curve Flattening
When distant futures fall in price relative to near-term contracts, the curve is flattening - and the market is telling you something has shifted. A short walkthrough of the three main drivers of curve flattening (anticipated supply increases, weakening demand, rising storage costs), how roll yield drag compounds quietly for long-position holders, and what historical episodes in crude oil, natural gas, and agriculture reveal about reading the signal.
21·Lesson
4:33
Demystifying Dairy Futures: The Cheese Lock
Dairy is an 850-million-tonne global market that most investors barely know exists. A short walkthrough of how cheese, butter, milk powder, and whey each trade differently, why feed costs directly tie dairy prices to corn and soybean meal, how a 2–3 year herd expansion lag creates slow-moving supply cycles, and what growing Asian demand for infant formula means for the long-term market structure.
22·Lesson
4:42
The Energy Bakery: Understanding Complex Correlation
Crude oil, natural gas, heating oil, and gasoline don't move independently - they're bound together by shared supply chains, refinery economics, and seasonal demand cycles. A short walkthrough of why WTI and heating oil correlate at +0.75 to +0.85, why natural gas regularly breaks away from the pack, how refinery outages can flip correlations negative, and how traders exploit these relationships through crack spreads and divergence positioning.
23·Lesson
7:00
Decoding Crude Oil
Crude oil is the world's most geopolitically sensitive commodity - 100 million barrels consumed every single day, with OPEC controlling 30% of supply and nearly 75% of proven reserves. A deep walkthrough of WTI vs Brent benchmarks, why supply and demand are both stubbornly inelastic in the short term, how geopolitical risk premiums add 10–30% to prices, what crack spreads reveal about refinery economics, and what the energy transition means for long-term demand.

Agricultural Futures Basis

Aluminium

Antimony

Arsenic

Understanding Backwardation

Beryllium

Commodities: The Mystery of Brent Crude

Cadmium

The Calendar Spread

Chromium

The Coal Paradox

The Cobalt Bottleneck

The Economics of Cocoa

Coffee: The Most Fragile Morning Routine

Commodity Index Funds Explained

Commodity Term Structure

The Game of Hot Potato: Why Commodity ETFs Hide a Secret Fee

Doctor Copper: The Pulse of the Global Economy

Cotton: The Fabric of the Global Economy

Decoding Curve Flattening

Demystifying Dairy Futures: The Cheese Lock

The Energy Bakery: Understanding Complex Correlation

Decoding Crude Oil

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