Commodities AI Ltd (ChAI) is pleased to announce an agreement with Fastmarkets, the industry-leading price reporting agency (PRA) and information provider for global commodities, providing price data, news, analytics, and events for the agriculture, forest products, metals and mining, and new generation energy markets.
Fastmarkets specializes in providing pricing data and strategic insights for its customers in complex, volatile, often opaque markets. Through this agreement, ChAI will be able to provide insurance linked to Fastmarkets’ benchmark prices to protect against commodity price increases.
“This is an exciting step for ChAI in developing our insurance product. A consistent theme we’ve heard in the past few years from companies is the challenge of managing and mitigating the costs of packaging materials, so being able to utilize Fastmarkets’ industry-leading benchmark pricing across these commodities will help us create added value for our customers.”
Tristan Fletcher, CEO at ChAI
One of the first commodity price insurance products using Fastmarkets’ price benchmarks that ChAI will make available will be cardboard. Packaging materials constitute a major cost for many manufacturing companies, and due to the opacity and illiquidity of these markets, there is currently a lack of viable options through which these costs can be managed.
“Fastmarkets is excited to be working with ChAI on this innovative approach to commodity price risk management. Managing raw material price exposure in a volatile price environment is critical for those who buy and sell commodities. We are very pleased that ChAI will be offering a suite of risk management products to the market which are referenced to our industry-accepted pricing benchmarks.”
Raju Daswani, CEO of Fastmarkets
This partnership marks an important milestone in the development of ChAI. Commodity price volatility continues to create challenges in supply chains around the world and the ability for companies to offload their raw material price risk through insurance products will enable them to protect themselves and their customers from market uncertainty.
“This is a great step forward in ChAI’s mission to de-risk supply chains, particularly given Fastmarkets’ status as a leading PRA for materials across agriculture, forest products, metals and mining, and new generation energy markets. We are excited to continue our work with ChAI to develop insurance products to serve clients who are otherwise unable to mitigate their risk in these markets.”
Richard Chattock, CEO of Insurtech Gateway
For more information email our global team at info@chaipredict.com. For further information on Fastmarkets, visit fastmarkets.com or email media@fastmarkets.com.
About Fastmarkets
Fastmarkets is the industry-leading price reporting agency (PRA) and information provider for global commodities, providing price data, news, analytics and events for the agriculture, forest products, metals and mining, and new generation energy markets. Fastmarkets’ data is critical for customers seeking to understand and predict dynamic, sometimes opaque markets, enabling trading and risk management. Fastmarkets is a global business with a 130-year history built on trust and deep market knowledge. It has more than 500 employees spread across global locations in the UK, US, China, Singapore, Brazil, Belgium and Finland.
