eoin

I agree with clouiscar’s explanation.
Futures provide direct investing. Buying a share of a company that invests in commodities would be indirect investment.

eoin

From my notes:
Direct: Entails cash market purchase of physical commodities, or exposure to changes in spot market values via derivatives, such as forwards and futures
Indirect: Involves the acquisition of indirect claims on commodities, such as equity in companies specializing in commodity production (i.e. buying a share of BHP, SQM)