**Preface**

The world of commodity markets has undergone a major transformation over the past few decades, taking a major turn toward financialization. Since the early 2000s, commodities, once the domain of farmers, miners, and physical traders, have become increasingly important to investors, speculators, and financial institutions. This evolution has created a dynamic and ever-changing arena in which the various factors affecting the market are intricately intertwined.

The dawn of the 21st century brought a series of events that had a profound impact on commodity markets. Rising international tensions, exemplified by the Cold War between the U.S. and China, highlighted the geopolitical nature of commodity markets. Meanwhile, the sudden and devastating outbreak of COVID-19 shocked the global economy, disrupting supply chains and causing roller coaster-like price volatility. In addition, Russia invaded Ukraine, and uncertainty spilled over into the markets, sending resource prices soaring.

These cataclysmic events amplified the volatility inherent in commodity markets. At the same time, financial markets such as equities, bonds, and foreign exchange also showed volatility. The interaction between commodity and financial markets deepened and formed a complex nexus that came under close scrutiny from governments, corporations, and investors around the world.

This reprint delves into recent developments in the commodity markets and elucidates the multifaceted factors that have shaped their trajectory. It examines how the interwoven dynamics of supply and demand, geopolitics, technology, and financialization have brought about a new era in commodity trading. By providing a comprehensive survey of these developments, we aim to provide insights that will help stakeholders successfully navigate the challenges and opportunities presented by this evolving landscape.

We invite you to join us on this journey as we explore recent transformations in commodity markets and their far-reaching implications for the global economy. From the rise of renewable energy to the impact of climate change on commodity prices, we will traverse the complex web of factors that define this dynamic and evolving field.

Special thanks are in store for all the authors involved in the publication of this reprint. I am also deeply grateful to Ms. Chelthy Cheng, Managing Editor of MDPI, for her help in planning this Special Issue. Finally, I would like to thank my wife Junko and my son Takumi for their support in my research life.

> **Kentaro Iwatsubo** *Editor*
