{"id":44340,"date":"2026-06-25T00:57:47","date_gmt":"2026-06-24T22:57:47","guid":{"rendered":"https:\/\/www.derivaty.sk\/?p=44340"},"modified":"2026-01-05T14:08:11","modified_gmt":"2026-01-05T13:08:11","slug":"komoditne-trhy-typy-kontrakty-a-faktory-ovplyvnujuce-ceny","status":"publish","type":"post","link":"https:\/\/www.autoskoly.sk\/news\/komoditne-trhy-typy-kontrakty-a-faktory-ovplyvnujuce-ceny\/","title":{"rendered":"Komoditn\u00e9 trhy: Typy, kontrakty a faktory ovplyv\u0148uj\u00face ceny"},"content":{"rendered":"<h2>Komoditn\u00e9 trhy: vymedzenie a v\u00fdznam<\/h2>\n<p>Komoditn\u00e9 trhy s\u00fa segmentom finan\u010dn\u00fdch trhov, na ktorom sa obchoduj\u00fa fyzick\u00e9 suroviny a \u0161tandardizovan\u00e9 deriv\u00e1tov\u00e9 kontrakty na tieto suroviny. Zah\u0155\u0148aj\u00fa <strong>energetick\u00e9 komodity<\/strong> (ropa, zemn\u00fd plyn, elektrina), <strong>kovy<\/strong> (zlato, striebro, me\u010f, hlin\u00edk), <strong>agr\u00e1rne komodity<\/strong> (p\u0161enica, kukurica, s\u00f3ja, cukor, k\u00e1va, kakao) a <strong>ostatn\u00e9<\/strong> (drevo, uhlie, emisie CO<sub>2<\/sub>, voda v niektor\u00fdch jurisdikci\u00e1ch). Komodity vstupuj\u00fa do v\u00fdrobn\u00fdch re\u0165azcov ako vstupy, preto sa ich ceny premietaj\u00fa do infl\u00e1cie, obchodnej bilancie, EBIT mar\u017e\u00ed podnikov a investi\u010dn\u00fdch rozhodnut\u00ed \u0161t\u00e1tov aj firiem.<\/p>\n<h2>\u0160trukt\u00fara trhu: spot, forward a deriv\u00e1tov\u00e9 vrstvy<\/h2>\n<ul>\n<li><strong>Spot (fyzick\u00fd) trh<\/strong>: okam\u017eit\u00e9 dodanie (T+2 a\u017e T+30 pod\u013ea komodity), rozhoduj\u00fa logistick\u00e9 obmedzenia, kvalitat\u00edvne \u0161pecifik\u00e1cie a dodacie body.<\/li>\n<li><strong>Forward\/OTC kontrakty<\/strong>: bilater\u00e1lne dohodnut\u00e9 podmienky (mno\u017estvo, kvalita, miesto dodania, cena); nes\u00fa kreditn\u00e9 riziko protistrany.<\/li>\n<li><strong>Futures kontrakty<\/strong>: \u0161tandardizovan\u00e9, obchodovan\u00e9 na burze, s denn\u00fdm <em>mark-to-market<\/em> a mar\u017eovan\u00edm; v\u00e4\u010d\u0161ina sa uzatv\u00e1ra finan\u010dn\u00fdm vysporiadan\u00edm pred expir\u00e1ciou.<\/li>\n<li><strong>Op\u010dn\u00e9 kontrakty<\/strong>: poistenie proti nepriazniv\u00e9mu cenov\u00e9mu pohybu (n\u00e1kupn\u00e9\/predajn\u00e9 opcie, vanilkov\u00e9 aj exotick\u00e9 \u0161trukt\u00fary).<\/li>\n<li><strong>Swapy<\/strong>: v\u00fdmena pl\u00e1vaj\u00facej za fixn\u00fa cenu (napr. <em>fixed-for-floating oil swap<\/em>) na dlh\u0161ie horizonty.<\/li>\n<\/ul>\n<h2>\u0160tandardiz\u00e1cia: kvalita, kvantita, dodacie body<\/h2>\n<p>Burzov\u00e9 kontrakty definuj\u00fa presn\u00fa <strong>kvalitu<\/strong> (napr. WTI\/Brent pre ropu, 99,99 % Au pre zlato), <strong>kvantitu<\/strong> (ve\u013ekos\u0165 kontraktu) a <strong>dodac\u00ed bod<\/strong> (Cushing, Okla.; LME warrant sklady; pr\u00edstavy). Tieto \u0161pecifik\u00e1cie zni\u017euj\u00fa transak\u010dn\u00e9 n\u00e1klady, ale vytv\u00e1raj\u00fa <em>basis risk<\/em> pri hed\u017eingu, ak sa fyzick\u00e1 expoz\u00edcia l\u00ed\u0161i od \u0161tandardu (in\u00e9 miesto, in\u00e1 kvalita).<\/p>\n<h2>Cenotvorba a term\u00ednov\u00e1 \u0161trukt\u00fara<\/h2>\n<ul>\n<li><strong>N\u00e1klad dr\u017eby (cost of carry)<\/strong>: <em>F = S \u00b7 e<sup>(r + u \u2212 y)\u00b7T<\/em><\/li>\n<li><em>S<\/em>: spot cena; <em>r<\/em>: bezrizikov\u00e1 sadzba; <em>u<\/em>: n\u00e1klady dr\u017eby (sklad, poistenie, financovanie); <em>y<\/em>: <strong>convenience yield<\/strong> (\u00fa\u017eitok z okam\u017eitej dostupnosti fyzika).<\/li>\n<li><strong>Contango<\/strong>: term\u00ednov\u00e9 ceny &gt; spot (prebytok z\u00e1sob, vysok\u00e9 n\u00e1klady dr\u017eby).<\/li>\n<li><strong>Backwardation<\/strong>: term\u00ednov\u00e9 ceny &lt; spot (nedostatok z\u00e1sob, vysok\u00fd convenience yield).<\/li>\n<li><strong>Sez\u00f3nnos\u0165<\/strong>: agr\u00e1rne a energetick\u00e9 komodity vykazuj\u00fa pravideln\u00e9 cykly z\u00e1sob a dopytu (zber, vykurovacia a chladiv\u00e1 sez\u00f3na).<\/li>\n<\/ul>\n<h2>\u00da\u010dastn\u00edci trhu a ich motiv\u00e1cie<\/h2>\n<ul>\n<li><strong>Producenti<\/strong> (ban\u00edci, farm\u00e1ri, \u0165a\u017eiari): zabezpe\u010denie bud\u00facich v\u00fdnosov (predaj futures\/opci\u00ed).<\/li>\n<li><strong>Spotrebitelia<\/strong> (raf\u00e9rie, leteck\u00e9 spolo\u010dnosti, potravin\u00e1ri): stabiliz\u00e1cia vstupn\u00fdch n\u00e1kladov (n\u00e1kup futures\/opci\u00ed).<\/li>\n<li><strong>Obchodn\u00edci a \u0161pecializovan\u00ed domi<\/strong>: logistika, blending, arbitrage medzi lokalitami a term\u00ednmi.<\/li>\n<li><strong>Investori<\/strong> (fondy, ETF, indexy): diverzifik\u00e1cia portf\u00f3lia, ochrana proti infl\u00e1cii, taktick\u00e9 alok\u00e1cie.<\/li>\n<li><strong>\u0160pekulanti<\/strong>: poskytuj\u00fa likviditu a nes\u00fa riziko v\u00fdmenou za o\u010dak\u00e1van\u00fd zisk.<\/li>\n<\/ul>\n<h2>Hed\u017eing: princ\u00edpy a metriky<\/h2>\n<p>Cie\u013eom je zn\u00ed\u017ei\u0165 volatilitu cash-flow alebo mar\u017ee. Z\u00e1kladn\u00e9 pojmy:<\/p>\n<ul>\n<li><strong>Basis<\/strong> = <em>spot \u2212 futures<\/em>; kol\u00ed\u0161e pod\u013ea \u010dasu a lokality.<\/li>\n<li><strong>Ide\u00e1lny hedge ratio<\/strong>: <em>h* = \u03c1 \u00b7 (\u03c3<sub>S<\/sub>\/\u03c3<sub>F<\/sub>)<\/em>, kde \u03c1 je korel\u00e1cia spot a futures.<\/li>\n<li><strong>Cross-hedging<\/strong>: vyu\u017eitie pr\u00edbuznej komodity, ak pre expoz\u00edciu neexistuje presn\u00fd kontrakt (napr. prasiatka vs. brav\u010dov\u00e9 polovice).<\/li>\n<li><strong>Spreadov\u00e9 strat\u00e9gie<\/strong>: <em>calendar spread<\/em> (mesiac vo\u010di mesiacu), <em>location spread<\/em> (r\u00f4zne dodacie body), <em>processing spread<\/em> (crack\/crush\/spark \u2013 mar\u017eov\u00fd hedge spracovate\u013ea).<\/li>\n<\/ul>\n<h2>Pr\u00edklady hed\u017eingu<\/h2>\n<ul>\n<li><strong>Farm\u00e1r (p\u0161enica)<\/strong>: predaj futures na \u010das zberu uzamkne v\u00fdkupn\u00fa cenu; rizikom ost\u00e1va <em>basis<\/em> a produk\u010dn\u00fd objem.<\/li>\n<li><strong>Leteck\u00e1 spolo\u010dnos\u0165<\/strong>: n\u00e1kup swapov na leteck\u00e9 palivo (jet), \u010dasto cez <em>cross-hedge<\/em> s ropou\/nafta crack spread; doplnen\u00e9 opciami (collar) na limit\u00e1ciu n\u00e1kladov.<\/li>\n<li><strong>Bansk\u00e1 spolo\u010dnos\u0165<\/strong>: <em>rolling hedge<\/em> s dopredn\u00fdmi predajmi \u010dasti produkcie a op\u010dn\u00fdmi podlahami (put) na ochranu downside bez straty upside.<\/li>\n<\/ul>\n<h2>Indexov\u00e9 investovanie a v\u00fdnosov\u00e9 komponenty<\/h2>\n<p>Komoditn\u00e9 indexy (napr. v\u0161eobecn\u00e9 ko\u0161e energi\u00ed, kovov a agr\u00e1rnych polo\u017eiek) sleduj\u00fa <strong>celkov\u00fd v\u00fdnos<\/strong>, ktor\u00fd sa sklad\u00e1 z:<\/p>\n<ul>\n<li><strong>Spot return<\/strong>: zmena spot ceny referen\u010dnej komodity.<\/li>\n<li><strong>Roll yield<\/strong>: zmena hodnoty pri prekl\u00e1pan\u00ed kontraktu (pozit\u00edvny v backwardation, negat\u00edvny v contangu).<\/li>\n<li><strong>Collateral yield<\/strong>: \u00farok z kolater\u00e1lu dr\u017ean\u00e9ho proti futures poz\u00edci\u00e1m.<\/li>\n<\/ul>\n<p>Portf\u00f3liov\u00e1 \u00faloha komod\u00edt: n\u00edzka dlhodob\u00e1 korel\u00e1cia s akciami\/dlhopismi, potenci\u00e1lna <strong>ochrana proti ne\u010dakanej infl\u00e1cii<\/strong>, no v\u00fdrazn\u00e1 cykli\u010dnos\u0165 a \u0161truktur\u00e1lna volatilita.<\/p>\n<h2>Trhov\u00e1 mikro\u0161trukt\u00fara: mar\u017eovanie, kl\u00edring a riziko protistrany<\/h2>\n<ul>\n<li><strong>\u00davodn\u00e1 a varia\u010dn\u00e1 mar\u017ea<\/strong>: futures s\u00fa denne prece\u0148ovan\u00e9; strata je okam\u017eite dopl\u00e1can\u00e1 \u2013 zni\u017euje kreditn\u00e9 riziko, no vyvol\u00e1va riziko likvidity (margin call).<\/li>\n<li><strong>CCP\/kl\u00edring<\/strong>: centr\u00e1lny protistranov\u00fd kl\u00edring netuje expoz\u00edcie, spravuje kolater\u00e1l a default fondy.<\/li>\n<li><strong>OTC vs. burza<\/strong>: OTC poskytuje custom parametre (tenor, formula\u010dn\u00e9 ceny, volumetria), ale vy\u017eaduje r\u00e1mcov\u00e9 zmluvy, kolateraliz\u00e1ciu a <em>credit support annex<\/em>.<\/li>\n<\/ul>\n<h2>\u0160pecifik\u00e1 jednotliv\u00fdch tried komod\u00edt<\/h2>\n<table>\n<thead>\n<tr>\n<th>Kateg\u00f3ria<\/th>\n<th>Hlavn\u00e9 drivere<\/th>\n<th>Citlivos\u0165\/pozn\u00e1mky<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Energetick\u00e9 (ropa, plyn, elektrina)<\/td>\n<td>Makrodopyt, geopolitika, z\u00e1soby, kapacita \u0165a\u017eby, po\u010dasie<\/td>\n<td>V\u00fdrazn\u00e1 sez\u00f3nnos\u0165, logistick\u00e9 \u00fazke hrdl\u00e1, crack\/spark mar\u017ee<\/td>\n<\/tr>\n<tr>\n<td>Priemyseln\u00e9 kovy (me\u010f, hlin\u00edk)<\/td>\n<td>Prud industri\u00e1lnej aktivity, stavebn\u00edctvo, elektromobilita<\/td>\n<td>\u0160pecifik\u00e1 skladov LME, premia\/discounts pod\u013ea lokality<\/td>\n<\/tr>\n<tr>\n<td>Vz\u00e1cne kovy (zlato, striebro)<\/td>\n<td>Re\u00e1lne \u00farokov\u00e9 sadzby, USD, geopolitick\u00e9 riziko<\/td>\n<td>Zlato ako \u201ebezpe\u010dn\u00fd pr\u00edstav\u201c, n\u00edzka priemyseln\u00e1 elasticita<\/td>\n<\/tr>\n<tr>\n<td>Agr\u00e1rne (obilniny, olejniny)<\/td>\n<td>Po\u010dasie, v\u00fdnosy, politika (subvencie, exportn\u00e9 obmedzenia)<\/td>\n<td>Siln\u00e1 sez\u00f3nnos\u0165, riziko \u0161kodcov a skladovania<\/td>\n<\/tr>\n<tr>\n<td>M\u00e4kk\u00e9 komodity (k\u00e1va, kakao, cukor)<\/td>\n<td>Regi\u00f3ny pestovania, choroby, kurzy mien pestovate\u013eov<\/td>\n<td>Volatilita z\u00e1sob a kvalitat\u00edvnych tried<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Rizik\u00e1: trhov\u00e9, kreditn\u00e9, likviditn\u00e9, prev\u00e1dzkov\u00e9<\/h2>\n<ul>\n<li><strong>Trhov\u00e9<\/strong>: vysok\u00e1 volatilita, gapy pri udalostiach (geopolitika, po\u010dasie, regul\u00e1cia).<\/li>\n<li><strong>Likviditn\u00e9<\/strong>: tenk\u00e9 mesiace, \u201efront-month squeeze\u201c, <em>limit moves<\/em> a klzav\u00e9 spready.<\/li>\n<li><strong>Kreditn\u00e9<\/strong>: default protistrany v OTC, riziko dod\u00e1vate\u013ea v fyzickej dod\u00e1vke.<\/li>\n<li><strong>Prev\u00e1dzkov\u00e9<\/strong>: zlyhanie logistiky, kvalitat\u00edvne spory, <em>force majeure<\/em>, kybernetick\u00e9 incidenty.<\/li>\n<li><strong>Pr\u00e1vne a regula\u010dn\u00e9<\/strong>: limity poz\u00edci\u00ed, reporting, povinn\u00fd kl\u00edring niektor\u00fdch deriv\u00e1tov, sank\u010dn\u00e9 re\u017eimy.<\/li>\n<\/ul>\n<h2>Modelovanie a anal\u00fdza: z\u00e1soby, toky, elastickos\u0165<\/h2>\n<ul>\n<li><strong>Ro-vz\u0165ah z\u00e1soby\u2013cena<\/strong>: n\u00edzke z\u00e1soby zvy\u0161uj\u00fa pravdepodobnos\u0165 backwardation a citlivos\u0165 ceny na \u0161oky.<\/li>\n<li><strong>Fundamenty tokov<\/strong>: produkcia, import\/export, rafin\u00e1cia, spracovanie, spotreba sektorov.<\/li>\n<li><strong>\u0160tatistick\u00e9 modely<\/strong>: mean-reversion spotu, <em>Samuelsonov efekt<\/em> (vy\u0161\u0161ia volatilita bl\u00edzkych kontraktov), kopuly pre spolo\u010dn\u00e9 rizik\u00e1.<\/li>\n<li><strong>Scoring dod\u00e1vate\u013esk\u00e9ho re\u0165azca<\/strong>: geopolitick\u00e9 riziko, ESG faktory, uhl\u00edkov\u00e1 stopa.<\/li>\n<\/ul>\n<h2>Elektrina a plyn: osobitosti energetick\u00fdch trhov<\/h2>\n<p>Elektrina sa ned\u00e1 lacno skladova\u0165 vo ve\u013ekom, preto maj\u00fa trhy <strong>v\u00fdrazn\u00fa kr\u00e1tkodob\u00fa volatilitu<\/strong> a lok\u00e1lne obmedzenia siete. Plynov\u00e9 trhy s\u00fa ovplyvnen\u00e9 kapacitou <em>storage<\/em>, termin\u00e1lmi LNG a dlhodob\u00fdmi <em>take-or-pay<\/em> kontraktmi. Pre oba segmenty s\u00fa typick\u00e9 <strong>kalend\u00e1rne profily<\/strong> (base\/peak), <strong>shape riziko<\/strong> a \u0161trukt\u00farovan\u00e9 produkty.<\/p>\n<h2>ESG, dekarboniz\u00e1cia a regula\u010dn\u00e9 trendy<\/h2>\n<ul>\n<li><strong>Karbonov\u00e9 ceny<\/strong>: sch\u00e9my obchodovania s emisiami formuj\u00fa merit order a investi\u010dn\u00e9 sign\u00e1ly.<\/li>\n<li><strong>Traceability<\/strong>: p\u00f4vod komod\u00edt (konfliktn\u00e9 kovy, odles\u0148ovanie) vpl\u00fdva na pr\u00e9mie\/discounty.<\/li>\n<li><strong>Energetick\u00e1 transform\u00e1cia<\/strong>: zvy\u0161uje dopyt po medi, nikli, l\u00edtiu; z\u00e1rove\u0148 men\u00ed dopyt po fos\u00edlnych paliv\u00e1ch.<\/li>\n<\/ul>\n<h2>\u00da\u010dtovanie, zmluvy a meranie rizika<\/h2>\n<ul>\n<li><strong>Hedge accounting<\/strong>: dokument\u00e1cia vz\u0165ahu deriv\u00e1t\u2013expoz\u00edcia, test efekt\u00edvnosti (prospekt\u00edvny\/retrospekt\u00edvny).<\/li>\n<li><strong>VaR a stress testy<\/strong>: meranie cenov\u00e9ho a spreadov\u00e9ho rizika; \u0161peci\u00e1lne scen\u00e1re (sucho, hurik\u00e1n, politick\u00e9 embarg\u00e1).<\/li>\n<li><strong>ISDA\/EFET<\/strong>: \u0161tandardn\u00e9 r\u00e1mcov\u00e9 dohody v OTC; \u00fapravy kolater\u00e1lu, <em>close-out netting<\/em>.<\/li>\n<\/ul>\n<h2>Implement\u00e1cia komoditnej strat\u00e9gie v portf\u00f3liu<\/h2>\n<ul>\n<li><strong>Priamym futures<\/strong>: vy\u017eaduje rolovanie, spr\u00e1vu mar\u017ee a v\u00fdber krivky.<\/li>\n<li><strong>Swapy a total return<\/strong>: syntetick\u00e9 expoz\u00edcie s kolateraliz\u00e1ciou.<\/li>\n<li><strong>ETF\/ETC<\/strong>: jednoduch\u00fd pr\u00edstup, ale s n\u00e1kladmi na rolovanie a trackingom.<\/li>\n<li><strong>Akcie producentov<\/strong>: nepriamy proxy s vlastn\u00fdmi rizikami (n\u00e1klady, geol\u00f3gia, mana\u017ement).<\/li>\n<\/ul>\n<h2>Operat\u00edva fyzick\u00fdch dod\u00e1vok<\/h2>\n<ul>\n<li><strong>Incoterms a parita dodania<\/strong>: rozdelenie n\u00e1kladov a riz\u00edk (FOB, CIF, DAP).<\/li>\n<li><strong>Kontrola kvality<\/strong>: certifikovan\u00e9 in\u0161pek\u010dn\u00e9 spolo\u010dnosti, sampling, laborat\u00f3rne protokoly.<\/li>\n<li><strong>Financovanie obchodu<\/strong>: <em>letters of credit<\/em>, predfinancovanie z\u00e1sob, repo na skladov\u00e9 listy (warrants).<\/li>\n<\/ul>\n<h2>Naj\u010dastej\u0161ie chyby pri pr\u00e1ci s komoditami<\/h2>\n<ul>\n<li><strong>Ignorovanie basis rizika<\/strong> pri hed\u017eingu ne\u0161tandardnej expoz\u00edcie.<\/li>\n<li><strong>Nerealistick\u00e1 likvidita<\/strong> v \u010falek\u00fdch tenoroch a exotick\u00fdch lokalit\u00e1ch.<\/li>\n<li><strong>Podcenenie opera\u010dn\u00fdch riz\u00edk<\/strong> (logistika, kvalita, pr\u00e1vne dolo\u017eky, <em>force majeure<\/em>).<\/li>\n<li><strong>Nezoh\u013eadnenie term\u00ednovej krivky<\/strong> a n\u00e1kladov rolovania v dlhodob\u00fdch alok\u00e1ci\u00e1ch.<\/li>\n<\/ul>\n<h2>Kontroln\u00fd zoznam pre firemn\u00fd hed\u017eing<\/h2>\n<ol>\n<li>Definujte cie\u013e (ochrana rozpo\u010dtu, stabiliz\u00e1cia mar\u017ee, covenanty).<\/li>\n<li>Kvantifikujte expoz\u00edciu (objem, kvalita, lokalita, \u010dasovanie).<\/li>\n<li>Vyberte n\u00e1stroj (futures, swapy, opcie, kombin\u00e1cie) a <strong>hedge ratio<\/strong>.<\/li>\n<li>Nastavte limity, protistrany, kolater\u00e1l a reporting (VaR, stop-loss, stress testy).<\/li>\n<li>Zave\u010fte <strong>hedge accounting<\/strong> a dokument\u00e1ciu efekt\u00edvnosti.<\/li>\n<li>Monitorujte basis, likviditu a prev\u00e1dzkov\u00e9 rizik\u00e1; pl\u00e1n <em>roll<\/em> a krytie mar\u017ee.<\/li>\n<\/ol>\n<p>Komoditn\u00e9 trhy sp\u00e1jaj\u00fa fyzick\u00fa ekonomiku so sofistikovan\u00fdmi finan\u010dn\u00fdmi n\u00e1strojmi. Spr\u00e1vne porozumenie term\u00ednovej \u0161trukt\u00fare, logistiky, basis rizika a spr\u00e1vy kolater\u00e1lu je k\u013e\u00fa\u010dom k \u00faspe\u0161n\u00e9mu <strong>hed\u017eingu, investovaniu a obchodovaniu<\/strong>. Pre podniky prin\u00e1\u0161aj\u00fa komodity mo\u017enos\u0165 stabilizova\u0165 n\u00e1klady a v\u00fdnosy, pre investorov diverzifik\u00e1ciu a infla\u010dn\u00fd \u0161t\u00edt \u2013 no len za cenu disciplinovan\u00e9ho riadenia riz\u00edk a prec\u00edznej implement\u00e1cie.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Komoditn\u00e9 trhy obchoduj\u00fa suroviny cez futures. Ceny ovplyv\u0148uje sez\u00f3nnos\u0165, skladovanie a \u0161trukt\u00fara term\u00ednov\u00fdch kriviek ako contango \u010di backwardation.<\/p>\n","protected":false},"author":47,"featured_media":84340,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[652],"tags":[2356,2357,2344,2358,604,2359,849,96],"class_list":["post-44340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","tag-basis","tag-contango","tag-futures","tag-komoditne-trhy","tag-ropa","tag-sezonnost","tag-skladovanie","tag-zlato"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Komoditn\u00e9 trhy: Typy, kontrakty a faktory ovplyv\u0148uj\u00face ceny - Auto\u0161koly.sk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.autoskoly.sk\/news\/komoditne-trhy-typy-kontrakty-a-faktory-ovplyvnujuce-ceny\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Komoditn\u00e9 trhy: Typy, kontrakty a faktory ovplyv\u0148uj\u00face ceny - Auto\u0161koly.sk\" \/>\n<meta property=\"og:description\" content=\"Komoditn\u00e9 trhy obchoduj\u00fa suroviny cez futures. 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