Trading behaviour connectedness across commodity markets: Evidence from the hedgers’ sentiment perspective

摘要: Abstract This paper analyses the connectedness network for commercial traders’ sentiment across agriculture, energy, metals and livestock futures markets. The findings find that: (a) producer/merchant/processor/user (PMPU) in agricultural energy markets are mainly engaged cross-hedging market, most of them would avoid risks these by operating metal markets, which can be considered safe PMPU traders, that strategies may play role spillover markets; (b) as index swap dealers operate more two namely between or (c) influence geopolitical some countries affect stability turn cause system-wide connectedness.