Impact of Macroeconomic and Financial Factors on the Commodity Price Indexes in the Context of Financialization

The most visible feature of the financialization of commodity markets is probably a significant increase in the strength of correlation between market parameters, in relation to commodity and financial markets. Another financial aspect concerns the rates of return and the volatility of spot prices on commodities. In this context, the purpose of the article is to determine the impact of selected macroeconomic and financial factors on the value of price indices of commodity markets. This will allow us to attempt to address the research problem, which is to determine the scale of the impact of the financial factors on commodity markets. On the basis of the conducted research, it was found that the prices of a relatively small number of commodities are exclusively related to the factor related to the stock market. However, the largest group of commodity indexes is associated with both variables representing macroeconomic and financial fields. Considering the above, it can be concluded that the process of financialization of commodity markets has become real, but it has not dominated all commodity markets so far.