The landscape of commodity markets has drastically changed in recent years. Once a market of refineries, mines and farms, it has been transformed into the market of hedge funds, exchange traded funds, and commodity trading advisors. How did it affect the commodity markets? Are commodity investments still as beneficial as 20 or 30 years ago? The Financialization of Commodity Markets makes an attempt to answer these questions. First, it explores the fundamentals of passive and active investment strategies in commodity markets, discusses sources of return, benchmarks, and performance. Second, it investigates the structural changes in commodity markets which took place during the last decade, and their impact on expected returns, risk, or correlations with other asset classes. Finally, it examines the importance of financialization for commodity investors.

近年来，商品市场的格局发生了巨大变化。它曾经是炼油厂、矿山和农场的市场，现在已经转变为对冲基金、交易所交易基金和大宗商品交易顾问的市场。它对大宗商品市场有何影响？大宗商品投资是否仍像二三十年前那样受益？商品市场的金融化试图回答这些问题。首先，本文探讨了商品市场中被动和主动投资策略的基本原理，讨论了收益来源、基准和绩效。其次，研究了过去十年商品市场的结构变化，以及它们对预期收益、风险或与其他资产类别的相关性的影响。最后，本文探讨了金融化对大宗商品投资者的重要性。