Which Futures Have A Future?

Overshadowed by the drama in stocks and bonds, commodity markets had a case of the blahs in 1995. Hot money that had pumped up the action in '94 found greener pastures elsewhere. The previous year's most active market--coffee futures--suffered a 26% decline in turnover through November, while volume in commodity markets overall remained flat and prices edged up barely 4%. Commodities were "outclassed by the stock market," concludes William Byers, head of futures research at Bear, Stearns & Co.

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