Under the Counter

Which is the odd one out: wine, tea, water or milk? It depends how you like your morning cuppa (with or without gin) but the obvious choice is wine.Yes, it’s alcohol. And only the certified insane, children (a subgroup of the former) and foreigners would want to drink the other three.But in the futures markets, it’s a trick question. All four commodities look set to be traded soon. But what perils do they herald for those traders wanting to get to grips with these products?Wine futures, or wine en primeur, have long existed — you simply buy wine after tasting but before bottling. But these futures also wreak a terrible toll on unsophisticated traders who have to undergo extended training periods — aka wine tasting...