In a meeting on 10 March, the Council acknowledged the role of financial markets in hedging the exposures of producers and consumers of commodities and raw materials to production and price uncertainty risks. Taking into account the growing role of the financial markets, it said there need to be improvements in the integrity and transparency of commodity derivatives markets. It thinks a global approach is needed to the two main issues of excessive price volatility and risks of supply interruption and says the approach should be balanced and market-based. It called on the Commission to take further various work on trade and supply of raw materials. (Source: Conclusions on tackling the challenges on raw materials and in commodity markets)