An analysis of the impact of financialization on commodity markets
- Authors: Ndawona, Takudzwa Maitaishe
- Date: 2017
- Language: English
- Type: Thesis , Masters , MCom
- Identifier: http://hdl.handle.net/10962/7113 , vital:21218
- Description: An unprecedented increase in real commodity prices from 2002-2011 fuelled an intense debate as to the causes of the steep rise in prices and its possible implications for producers and consumers. On the one hand, the prolonged and dramatic rise in almost all commodity prices is attributed to growing demand from emerging market economies, supply shocks such as adverse weather conditions, export bans as well as other macroeconomic factors. Collectively these are known as the fundamental (demand and supply) factors. On the other hand, there is a growing body of evidence that suggests these fundamental factors alone are not sufficient enough to explain recent commodity price developments. It is noted that alongside changes in the fundamental factors, there was a major shift in trading activities on commodity derivative markets related to the increasing presence of financial investors, institutional investors and hedge funds. This had important effects, it is argued, on the microstructure of these markets and on price dynamics in a process termed “fmancialization”. Most of the empirical literature covers the period of rising commodity prices from 20022011. This study seeks to add to the existing literature by examining, in addition, the impact of financialization when commodity prices were falling from 2011-2015. Whereas the literature focuses mainly on the rise of agricultural commodity prices, the focus of this study is on metals, oil and bulk commodities (coal and iron ore). Two techniques are employed, namely the calculation of rolling correlations for futures and spot returns. Granger causality tests are then performed to examine the relationships between futures and spot prices. Rolling return correlations are calculated for i) different exchange- traded commodities and ii) exchange-traded commodities and bulk commodities not traded on exchanges. This is done to establish whether the increased correlations between different commodities found in the literature still hold now that commodity prices across all categories are falling. Granger causality tests are used in order to establish the link between the futures prices and spot prices both during the upswing period (2002-2011) and downswing period (2011-2015). It is found that rapidly growing indexed-based investment in commodity markets (financialization) during the upswing period is concurrent with increasingly correlated returns on the prices of unrelated commodities in both the futures and spot markets. These correlations decline during the period of falling commodity prices (2011-2015). This was a period in which the total amount of commodity assets under management fell sharply. This supports the a priori expectation that if the increased correlations of previously seemingly correlated and unrelated commodities during the upswing had been driven by financialization, the correlation would decline in the downturn. Granger causality results reveal statistically significant evidence of futures prices (returns) driving spot prices (returns) during the financialization period. However, post-financialization there is a shift to more bidirectional relationships. The study therefore concludes that, in addition to changing fundamental and macroeconomic factors, the financialization of commodity markets further drove the excessive and volatile price levels in commodity markets from 2002 to 2011.
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- Date Issued: 2017
How phase feeding manipulation affects growth, performance, feed cost, carcass characteristics and the quality of meat from broilers
- Authors: Sokanyile, Sanda
- Date: 2017
- Subjects: Animal nutrition , Feeds , Broilers (Chickens)
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: http://hdl.handle.net/10353/5565 , vital:29334
- Description: The main objective of the study was to determine how phase feeding manipulation affects growth performance, feed cost, carcass characteristics and quality of meat from broiler chickens. A total of 180 day old un-sexed broiler chicks (Cobb 500) were separated into 3 dietary treatments of 60 birds per treatment and each treatment was replicated 3 times with 20 birds per replicate. The dietary treatments were as follows: T1 (starter 1-7 days; grower 8-21 days; finisher 22-35 days), T2 (starter 1-14 days; grower 15-21 days, finisher 22-35 days) and T3 (starter 1-14 days; grower 15-28 days; finisher 29-35 days). Feed intake and body weight gains were recorded weekly in kilograms. Average daily gain and feed conversion ratio were computed weekly. At day 35, the chickens were slaughtered and 12 representative breast muscles from each treatment were used for the determination of muscle pH (pH1, pH24 and pH48) and colour coordinates (Lightness – L*, redness – a* and yellowness – b*) in triplicate at 1 hour, 24 hours and 48 hours post-mortem.Feed intake (FI), feed conversion ratio (FCR), average daily gain (ADG) and average body weight at slaughter (ABW) were not significant (P>0.05) amongst the treatments. The most cost efficient feed (which accumulated the cheapest cost feed per kg were) T1 (R11.32) and T3 (R11.32) although there was a slight difference in the gross profit of these treatments T1 (R45.71) and T3 (R44.48). Carcass characteristics were the same (P > 0.05) across the treatments except for the wing, thigh, drumstick and the breast (P < 0.05). T2 had the highest wing weight (166.63±8.60), T1 (113.03±8.60) and the lowest in T3 (74.46±8.60). The thigh weight were greater (P<0.05) in T2 (185.69±4.34); T1 (185.54±4.34) compared to T3 (166.97±4.34) which was lower. Treatments 1 (204.17±6.57), T2 (197±6.57) had heavier (P<0.05) breast weights than T3 (186.06±6.57). Dietary treatments had no significant effect (P > 0.05) on pH of the breast meat. No differences were observed in colour during the 1 hour period after slaughter. At 24 hours after slaughter, the L* values were different (P < 0.05) in T1 and T2 (44.3 ± 0.37; 43.7 ± 0.37), respectively, T1 and T3 were the same. The a*-values were different (P < 0.05) at 48 hours after slaughter for T1 and T3 (4.5 ± 0.27; 3.4 ± 0.27), T2 was the same as T1. It was therefore, concluded that since manipulation of starter phase did not have adverse effects on growth performance, gross profit, slight statistical difference in meat quality attributes and carcass characteristics. Therefore, the manipulation of starter diet has the potential to be used in broiler production.
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- Date Issued: 2017
The influence of extraction techniques on the chemical composition of essential oils from Pelargonium cv.rose in the Eastern Cape
- Authors: Ngcangatha-Maqhude, Bulelwa
- Date: 2017
- Subjects: Essences and essential oils Pelargoniums Rose geranium oil
- Language: English
- Type: Thesis , Masters , MSc
- Identifier: http://hdl.handle.net/10353/8111 , vital:31524
- Description: Rose geranium is a world known essential oil plant priced for its high grade essential oil mostly utilized in the perfumery industry. However, South Africa has just joined the geranium oil production industry and still battling with the variations in oil yield and composition. Volatile components from Rose geranium were respectively extracted by three methods including hydro-distillation, steam distillation and solvent free microwave. The composition was characterized by GC-FID and GC-MS .No significant differences were found in the oil constituents, colour of the oil was the same in hydro-distillation and steam distillation (light green) but in solvent free microwave extraction the oil was clear because in the receiving flask there was hexane and the quantity of the oil was not the same. The difference was the time taken to extract the oil: Hydro-distillation took 3 hours, steam distillation took 1 hour, 30 minutes and solvent free microwave took only 30 minutes. The main constituents of the essential oil of rose geranium (steam distillation) are Dohne: Citronellol (20.61percent), geraniol (14.79percent), linalool (1.98percent), citronellyl formate (14.25percent), geranyl formate (10.25percent) and guaiadiene 6, 9 (7.22percent). Kieskammahoek: Citronellol (20.36percent), geraniol (9.81percent), linalool (1.54percent), citronellyl formate (16.09percent), geranyl formate F (8.96percent) and guaiadiene 6, 9 (8. 22percent).University of FortHare: Citronellol (21.55percent), geraniol (9.41percent), linalool (1.40percent), citronellyl formate (16.37percent), geranyl formate (8.10percent) and guaiadiene 6, 9 7.92percent). For hydro-distillation, Dohne: Citronellol (24.68percent), geraniol (11.68percent), linalool (11.74percent), citronellyl formate (14.97percent), geranyl formate (5.95percent) and guaiadiene 6, 9 (4.63percent). Kieskammahoek: Citronellol (25.25percent), geraniol (13.44percent), linalool (3.35percent), citronellyl formate (15.62percent), geranyl formate (5.40percent) and guaiadiene 6, 9(4.96percent).University of FortHare: Citronellol (24.73percent), geraniol (8.35percent), linalool (9.76percent), citronellyl formate (16.54percent), geranyl formate (4.42percent) and guaiadiene 6, 9(9.76percent). The solvent free microwave extraction , Dohne: Citronellol (20.87), geraniol (17.85percent), linalool (1.21percent), citronellyl formate (13.44percent), geranyl formate (10.26percent) and guaiadiene 6, 9 (4.59percent).Kieskammahoek: Citronellol (20.13percent), geraniol (5.40percent), linalool (0.28percent), citronellyl formate (14.22percent), geranyl formate (6.04percent) and guaiadiene 6, 9(8.63percent).University of FortHare: Citronellol (21.15percent), geraniol (22.36percent), linalool (1.37percent), citronellyl formate (12.13percent), geranyl formate (8.91percent) and guaiadiene 6, 9 (5.82percent).The percentage of oil composition in hydro-distillation and Solvent Free Microwave Extraction was higher than steam distillation.
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- Date Issued: 2017