Efe Caglar CagliDilvin TaskinPinar Evrim MandaciTaskin, DilvinMandaci, Pinar EvrimCagli, Efe CaglarEvrim Mandaci, Pınar2025-10-0620190140-98831873-618110.1016/j.eneco.2019.1045402-s2.0-85073991682http://dx.doi.org/10.1016/j.eneco.2019.104540https://gcris.yasar.edu.tr/handle/123456789/7431https://doi.org/10.1016/j.eneco.2019.104540The aim of this paper is to investigate the long and short-run relationship between spot and futures prices of the energy precious metals and base metals markets. We analyze daily data from January 1985 to February 2019. The empirical findings based on the cointegration test which follows a nonlinear process suggest that the spot prices of energy and metals assets have long-run relationships with their futures prices. Nonparametric Granger causality test results also indicate bi-directional causality among futures and spot prices. These findings indicate that the energy and metals markets are informationally efficient in the sense of Fama (1970). (C) 2019 Elsevier B.V. All rights reserved.Englishinfo:eu-repo/semantics/closedAccessMarket efficiency, Energy, Precious metals, Base metals, Nonlinear cointegration, Nonparametric granger causalityCRUDE-OIL, COMMODITY FUTURES, GRANGER CAUSALITY, PRICES-EVIDENCE, SPOT, GOLD, COINTEGRATION, VOLATILITY, ASYMMETRY, MOVEMENTSNonlinear CointegrationBase MetalsNonparametric Granger CausalityMarket EfficiencyEnergyPrecious MetalsArticle