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Sources

Book

The Little Book of Commodity Investing

John Stephenson

Contango, backwardation and why a commodity index does not return what the spot price did. Thinly covered elsewhere, which is what earns it a place.

1 idea from this book

  • TechniqueMarkets

    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.