With oil, copper and coal trading around their lowest levels since the global financial crisis, some investors are betting that the bottom may be close for these critical commodities and have increased their long positions in the market. Yet those hoping for a similar strong recovery seen in 2009 need to tread with care. For industrial commodities like copper, China was the savior of markets following the 2008-09 crisis after Beijing unleashed massive economic stimulus programs to boost demand. Back then, confidence in China’s capacity to underpin demand for commodities supported a contango forward curve with copper futures contracts for later months above the spot price. But signaling a far more cautious environment this time forward prices through the first half of 2016 are trading at a discount […]