Futures Now

I'm short almost every commodity: Trader

I'm short almost every commodity: Trader

Commodities are in a free fall.

, , and crude oil are down a respective 8, 8, 16 and 10 percent year to date, as a strong dollar and the potential for a rate hike have put increased pressure on the space. And according to one trader who specializes in futures, it's about to get a lot worse.

"I'm short almost every commodity right now," Mike Harris, president at Campbell and Co. said Thursday on CNBC's "Futures Now."

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Specifically, Harris focused on gold and crude oil, which have been two of the most confounding trades of 2015.

"The market was surprised that gold prices didn't rise in response to the Greek crisis," said Harris, suggesting that gold, once considered "safe haven" asset, may have lost its mojo. On Thursday, the yellow metal snapped its longest losing streak in more than 20 years by a fraction of a percent. "I'm watching that $1,080 level, which is Monday's low, but it feels like we are heading to the big psychological level of $1,000."

And when it comes to crude oil, which settled Thursday at $48.48, its lowest level March 31, Harris said the trend is most certainly lower.

"We got through $50, and I couldn't believe that the market didn't put up a bigger fight," said Harris, who added that supply concerns will continue to act as a barrier for oil prices. "I think short term you look at $47 as the level of support, but not a strong one and then we retest those $42 lows."

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For Harris, another confirmation that the primary trend for commodities is lower is the recent divergence between copper and Chinese equities. "When I look at a chart of the Shanghai composite index versus copper, you see they were trading in lockstep until about two weeks ago," said Harris. "The [Chinese] government is now propping up equities as copper continues to fall."

Added Harris, "I think there's more downside to come in several of the markets and in precious metals."