Commodity Carry
Commodity Carry — Return from rolling futures along the curve — core systematic commodity strategy.
Definition
Commodity Carry refers to return from rolling futures along the curve — core systematic commodity strategy. Keep that definition fixed when comparing series, managers, or regimes — renaming the same tape does not create a new signal.
Why it matters
Physical balance, inventories, and curve shape transmit inflation and growth shocks. When return from rolling futures along the curve — core systematic commodity strategy shifts, related hedges, limits, and narratives usually need an explicit update rather than a quiet assumption.
Case
Suppose a desk is positioned for the opposite of what commodity carry is saying. If return from rolling futures along the curve — core systematic commodity strategy moves against that book, the first question is not “is the story clever?” but whether size, hedges, and stop logic still match the observation.
How to read it
Read spot vs curve and inventory; financial flows can dominate short windows. Prefer a short written null hypothesis for Commodity Carry: what would falsify the current reading in the next window?