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Seems like the vast majority of all the Hedging literature is dedicated to the speculative side of it. I am searching for quality papers that deal with the link between financial and physical markets and how non-financial companies can manage and control the risks of price movements of commodities and currencies in their core operations.

Does anyone have an advice about what titles to look for?

Thanks!

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2 Answers 2

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There are a few books on commodity markets, generally available on amazon. I also suggest you look at GARP's Energy Risk Professional curriculum, their resources have been carefully chosen.

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Hedging is hedging, it's more related to the market you're trading on than to what your goals are or whether you are a bank or an industrial corporation. Granted, some institutions may be able to trade things others cannot, but in principle the same models will aply if your position in the market is the same (i.e. most financial models used for hedging assume that the trades you make do not move the market price significantly).

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well, that's not completly true, because : you may hold physical assets that you want to take into account; and because most commodity markets (except oil) are very illiquid. You better take that into account if you don't want to go south. –  fabien May 1 '11 at 20:54

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