Free Course

Commodities

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

7 lessons·32 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.

Agricultural Futures Basis

Aluminium

Antimony

Arsenic

Understanding Backwardation

Beryllium

Commodities: The Mystery of Brent Crude

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