Commodity Investing

Straightforward and accessible, Commodity Investing balances academic-quality analysis with clear, compelling prose, and provides those interested in this fast-growing field with unparalleled investment insights. Page by page, you’ll acquire a deeper understanding of this discipline and discover how to make more informed decisions when investing in such a dynamic environment. With this book as your guide, you’ll benefit from the lessons of experienced practitioners and quickly come to grips with what it takes to make it in today’s commodity market.

Acknowledgments ix PART ONE Basics 1 CHAPTER 1 Introduction 3 CHAPTER 2 Commodity Futures as Investments 9 CHAPTER 3 Commodities for the Long Run 29 PART TWO Understanding Energy 37 CHAPTER 4 Crude Oil 39 CHAPTER 5 Heating Oil 57 CHAPTER 6 Gasoline 67 CHAPTER 7 Natural Gas 79 PART THREE Understanding Grains and Oilseeds 93 CHAPTER 8 Corn 95 CHAPTER 9 Wheat 107 CHAPTER 10 Soybeans 117 PART FOUR Understanding Livestock 131 CHAPTER 11 Hogs 133 CHAPTER 12 Cattle 141 PART FIVE Understanding Industrial Metals 151 CHAPTER 13 Copper 153 CHAPTER 14 Aluminum 165 CHAPTER 15 Zinc 177 PART SIX Understanding the Softs 187 CHAPTER 16 Coffee 189 CHAPTER 17 Sugar 197 CHAPTER 18 Cocoa 207 CHAPTER 19 Cotton 213 PART SEVEN How to Invest 221 CHAPTER 20 Some Building Blocks of a Commodity Futures Trading System 223 CHAPTER 21 The Rise of the Indexes 245 CHAPTER 22 Conclusion 265 APPENDIX The London Metal Exchange 269 Notes 273 References 283 About the Authors 287 Index 289