I’m not sure if I agree with this article. They make it sound like, until recently, that profitable trading has been a layup for commodity operators who deal in physicals. I doubt it, except for some of the less liquid markets (ags, softs) where low volumes can move price.
I also disagree that arbitrage is dead. I think it has always been challenging and continues to be. If there is any change, it’s that time horizons for profitable setups continue to get longer (weeks => months,…