In observing British pound spot prices and European sugar import prices over the 2004–2016 period, an unusually strong currency-commodity correlation is detected and statistically validated. This correlation is the result of a single firm dominating European refining, effectively fixing the import price to sterling. This paper proposes a generalized pricing-power detection framework based on currency-commodity correlation and corporate consolidation to efficiently detect such future instances, and to inform future industrial organization and currency-commodity research.

中文翻译：

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英镑的甜味：英国脱欧前价格中的糖和货币相关性

在观察 2004 年至 2016 年期间的英镑现货价格和欧洲食糖进口价格时，发现和统计验证了一种异常强烈的货币-商品相关性。这种相关性是单一公司主导欧洲炼油的结果，有效地将进口价格固定为英镑。本文提出了一种基于货币-商品相关性和企业整合的广义定价能力检测框架，以有效检测此类未来实例，并为未来的产业组织和货币-商品研究提供信息。