Seasonal patterns and calendar anomalies in the commodity market for natural resources

Mahmoud Qadan, David Y. Aharon, Ron Eichel

Research output: Contribution to journalArticlepeer-review


This study investigates whether a wide range of 25 anomalies documented in the finance literature with regard to equities exist in nine natural resources that include precious metals and energy commodities (gold, silver, palladium, platinum, copper, zinc and energy-based resources: oil, heating oil, and natural gas). Using daily, weekly and monthly data for 1986 to 2018, we find evidence of the existence of many of these anomalies in the commodity market. The results, in many cases, are particularly significant after the earlier periods of the 2000s, during the financialization of commodities era when many international portfolio and hedge fund managers, as well as retail investors, increased their exposure to commodities. Our results are robust for different estimation procedures and subsamples.

Original languageEnglish
Article number101435
JournalResources Policy
StatePublished - Oct 2019

Bibliographical note

Publisher Copyright:
© 2019 Elsevier Ltd


  • Calendar anomalies
  • Commodities
  • Copper
  • Gold
  • Heating oil
  • Natural gas
  • Oil
  • Palladium
  • Platinum
  • Precious metals
  • Seasonal patterns
  • Silver

ASJC Scopus subject areas

  • Sociology and Political Science
  • Economics and Econometrics
  • Management, Monitoring, Policy and Law
  • Law


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