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RBA Glossary definition for NHP

NHP – Net Hedging Positions

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Financialisation and the Term Structure of Commodity Risk Premiums

1 May 2017 RDP 2017-03
Jonathan Hambur and Nick Stenner
to the NHP when the risk-bearing capacity of broker-dealers is low (i.e. ... We define NHP to be net commercial positions, scaled by gross commercial positions, or:.
https://www.rba.gov.au/publications/rdp/2017/2017-03/full.html

Conclusion

6 Jun 2017 RDP 2017-03
Jonathan Hambur and Nick Stenner
We find strong evidence of a negative relationship between NHP and risk premiums, as would be suggested by the net hedging pressure theory, when we include returns on longer-dated futures ... contracts. Our results also suggest that the relationship
https://www.rba.gov.au/publications/rdp/2017/2017-03/conclusion.html

Related Literature and Theory

6 Jun 2017 RDP 2017-03
Jonathan Hambur and Nick Stenner
Papers that allow the relationship between the NHP and risk premiums to vary have been somewhat more successful. ... to the NHP when the risk-bearing capacity of broker-dealers is low (i.e.
https://www.rba.gov.au/publications/rdp/2017/2017-03/related-literature-and-theory.html

Data and Measurement of Commodity Risk Premiums

6 Jun 2017 RDP 2017-03
Jonathan Hambur and Nick Stenner
We define NHP to be net commercial positions, scaled by gross commercial positions, or:. ... This could make it harder to identify a significant relationship between NHP and risk premiums.
https://www.rba.gov.au/publications/rdp/2017/2017-03/data-and-measurement-of-commodity-risk-premiums.html

The Term Structure of Risk Premiums and Net Hedging Positions

6 Jun 2017 RDP 2017-03
Jonathan Hambur and Nick Stenner
Is there evidence of a more significant negative relationship between NHP and commodity risk premiums on longer-dated futures contracts? ... there is little evidence of a significant relationship between risk premiums and the ex ante level of the NHP.
https://www.rba.gov.au/publications/rdp/2017/2017-03/the-term-structure-of-risk-premiums-and-net-hedging-positions.html

The Effect of Financialisation on Commodity Risk Premiums

6 Jun 2017 RDP 2017-03
Jonathan Hambur and Nick Stenner
0.203). (0.095). Post03 Market – ρ. 0.130. 0.485. (0.265). (0.153). NHP. ... Results are broadly robust to including time dummies and contract-specific fixed effects, excluding NHP and allowing the coefficient on NHP to differ by maturity bucket.
https://www.rba.gov.au/publications/rdp/2017/2017-03/the-effect-of-financialisation-on-commodity-risk-premiums.html