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I donīt think it will take my trading much further, but anyway. The derivates
have been invented for hedging, speculators just offer the liquidity to keep
it working. Take the commercials into consideration and think about the
equation again. If you are long and the commodity moves up you can be sure
that the commercials will pass on these price increase to the end consumer, no
matter if he hedge future needs or not. So you are not taking some other
traders money, you take the end consumers.
Isnīt everybody doing exactly that?
Regards - Ulrich
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