Fig. 2

Biwavelet coherence between respective commodity returns. a is the biwavelet coherence of Cocoa and Crude oil; b is biwavelet coherence of Cocoa and Gold; c biwavelet coherence of Crude oil and Gold. Note Left-arrows (positive-arrows) have negative (positive) correlations. An arrow pointing up (down) and in the right (left) direction shows that the first variable leads and otherwise, the variable lags. A variable is more sensitive to shocks when it leads in the market. A red (blue) pallet inside the CoI indicate strong(low-)-comovement. Though mostly insignificant, the arrows of in band 16–32 of a and c are pointing upward to the right and pointing downward to the right, respectively