(Bloomberg) The founder of what was once the world’s largest commodity hedge fund sees little reason for short-term optimism about oil and industrial metals. “Aluminum is miserable and is going to stay miserable and will have to force closures and bankruptcies,” Dwight Anderson, founder of hedge fund Ospraie Management, said Tuesday in a “Bloomberg ” television interview with Stephanie Ruhle and David Westin. “In general, for most industrial metals, we have a negative outlook for the near term.”

Oil, meanwhile, will remain in surplus for the next three to nine months, with stockpiles expected to peak sometime in the second quarter, he said. The comments come as the U.S. crude benchmark futures contract heads for its second year of losses, the first consecutive declines since 1998, and as the index that tracks the six primary metals traded on the London Metal Exchange hovers near a six-year low.

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