| From FT: Goldman Sachs, Wall Street’s largest commodities dealer, yesterday told clients to bet on falling returns from commodities, including crude oil, warning that the shape of the futures curve will trigger further losses to investors in the asset class.
The shape of the futures curve is crucial to the profitability of commodities indices. In addition to the spot return, commodity index investors obtain a separate return – the roll yield – as they roll trades over each month, just before the futures contract expires. .... Full Article: Source
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