Trading equity or commodity futures-a comparative analysis

In my view,  IF one’s views on a stock are driven primarily by the price of a particular commodity, then it may be better to invest directly in that commodity itself, due to more leverage, than trading via that future. This will be a more direct view and lower risk of trade slippage, as evident in below table where commodity futures wins over equity futures.

Parameter	Equity Futures	Commodity Futures	Overall winner-which results in less trade volatility
Trade impact Cost/ Market Depth	Depends on free float	Usually negligible (high for Agri)	Commodities
Market Manipulation risk  on underlying asset	Possible(and has happened earlier on expiry)	Possible, but not easy to prove and usually counterbalancing forces prevail	Commodities
Stock specific issues causing value traps/spikes	Possible(eg Cairn loan to HZL-cash trap)	NOT APPLICABLE	Commodities
Sector valuations convergence	Possible-multiples may change due to ‘re-rating’	NOT APPLICABLE	Commodities
Insider Trading	Possible	Front running of OPEC meetings possible	Neither
Geopolitics factors volatility	Domestic level	International Level(but domestic drives agri also)	Neither
Market Trading Times	9:15am to 3:30pm; Monday to Friday	10:00 am to 11:30 pm(Agriculture till 5pm)-Monday to Friday 10am-2pm Saturday-only Agri	Commodities-Can be done AFTER full time job
Cash Settled	Compulsary	Physical Settlement risk possible	Equities
Circuit Filter	+-20%	+-9%(or 4%-6%)	Commodities