After more than 20 years of « happy globalization » and a drop of word political tensions, the level of geopolitical risks for the raw materials complex is jumping dangerously with the sharp change in the nature of the globalization process and growing tensions in international relations. Risks are evident in the supply flows, in the instability of commodity prices and forex fluctuations, in the swinging of interest rates (very often corporations have a negative cash-flow structure). Corporations need to adapt their strategies to this new world and financial hedging of these risks is possible. The goal of the course is to prepare students to have a better understanding of these risks and to get familiar with the risks management in the raw material area.

Arobust command of the language A strong and curious appetite for historical and present life of raw materials Modalità di svolgimento d’esame Students can work individually or in groups of two people. They will write an analysis of the risks for existing companies (the list is suggested to the students) generated by value chain problems and prices fluctuations (commodities, forex, interest rates). They will present possible solutions and propose the optimum choice Note Corporations are facing new challenging risks in supply chains and in financial markets. Serious problem in maritime chocke points, embargoes, violent fluctuations of prices (commodities, forex, interest rates) can impact dramatically the life of a company that must be ready to handle these risks (alternative routes, Ersatz solutions, financial hedging).

Guest Lecture Giraudo Alessandro Education Bachelor in Business Administration – University of Turin (SAMMI), thesis published in L’Impresa MBA in Administrative Sciences – University of Turin (SAMMI), summa cum laude (110/110), CIRIEC National Award for Best Thesis in Public Finance (1973) Postgraduate Studies: University of Genoa (International Finance, Economic History) University of Berkeley (Economic History with CM Cipolla, International Economics with Nobel Laureate Robert Mundell) Salzburg Seminars-Harvard/Yale (International Economics, Multinational Corporations with Robert Vernon) Professional Experience Fiat Co. – Economist (Turin, New York, research at Hudson Institute) Cargill Inc. – Chief Trader & Investment Manager (Milan, Geneva, Paris, Amsterdam) UBS – Edelmetall Abteilung & Chief Trader (Zurich, Paris) NLMP – Commodity Economist & Broker (Paris) Tradition Group – World Group Chief Economist (Paris) Teaching Experience University of Turin (SAMMI) – Political Economy Tutor (Italian) Institut Supérieur de Gestion (Paris) – Financial Markets, International Economics, Economic History (French, English) EDC Paris Business School – International Business Development (French, English) Sciences Po - IEP (Paris) – Commodity Markets (English) AMISTADES (Rome) – Commodities course (Italian) LSE (London) – Postgraduate lectures on commodities (English) INSEEC (Paris) – Commodity Geopolitics & Risk Management (English) Politecnico di Torino – Commodity Geopolitics & Risk Management (PhD level, English) Palimpsest of Commodities: History, Geopolitics & Markets Commodity Geopolitics Precious, base, and strategic metals, rare earths Grains, soft commodities, spices, energy, textiles Precious & semi-precious stones Conflicts and intelligence in commodity markets Risk Identification for Corporations Supply chain disruptions Commodity price & Forex fluctuations Interest rate movements Sectors affected: mining, industry, retail, banking, insurance, transport/logistics Major Commodity Markets Historical trading hubs: London (LME), Paris (gold era), Zurich (precious metals), New York & Chicago (futures), Shanghai (exchange or casino?), Singapore/Geneva/Zug (physical transactions), Dubai (energy trading) Logistics & finance: Freight, trade finance, central banks, merchants & trading firms Strategic chokepoints: Five key maritime routes Financial Hedging & Risk Management Instruments: Futures, options (vanilla & exotic), forwards, swaps (incl. climate swaps), swaptions, producer contracts, FRA, CAP, FLOOR, Collars, CFDs, ETFs Case Studies Mining: EU-based company owning copper (DRC) & silver (Canada) mines, logistics development Industry: EU-based copper-consuming manufacturer, high energy usage Student-led case development: Food, transportation, and energy companies

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Presentazione orale

P.D.2-2 - Giugno

23-27 Giugno 2025