It's all relative


It is no secret that hedge funds are having a tough time. Investors have withdrawn vast swathes of their capital (see box), leading to a significant number of closures - and tighter regulation of the industry appears all but inevitable. And commodity-focused hedge funds in Asia, like their peers trading other asset classes, are also facing the challenge of extreme price volatility and markets that are far harder to predict than in the past.

"The commodity market has changed from having a strong

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