January’s publication summarizes two articles about commodities. The first explores how commodity input costs drive price levels and volatility and the second takes a closer look at the performance of passive and dynamic commodity indices.

• “Fundamentals or Fads? Pipes, Not Punting, Explain Commodity Prices and Volatility,” by Colin Fenton and John Waxman, J.P. Morgan, August 1, 2011
• “More Efficient Commodity Markets Erode Returns” by John Kemp, Reuters, January 4, 2012