Physical commodity trading

Physical traders make money on logistics and access, not on a price view.

• Markets
• Macro and rates

2 ideas that carry it

• TechniqueMarketsBook

  A commodity index does not return what the spot price did

  Returns on a rolled futures position include the roll, so the shape of the curve matters as much as where spot goes.

  Any question on commodity exposure, futures-based products or the difference between spot and investable returns.

  From The Little Book of Commodity Investing · John Stephenson

• Company insightMarketsBook

  Physical traders make money on logistics and access, not on a price view

  In physical commodities the money is in moving, financing and accessing the cargo; the price direction is usually hedged.

  Trading house and commodities interviews, and any analysis of a business that moves physical goods.

  From The World for Sale · Javier Blas and Jack Farchy