The commodities markets are weird, to put it mildly. Many past leaders and governments have tried to abolish them, but nothing they replaced them with worked as well. They do get out of control sometimes (remember the Hunts trying to manipulate silver at the end of Carter's reign?). But in the long run, things seem to average out since for every contract sold by someone, someone else has to buy one. And then cartels of producers (OPEC) also enter the picture. It is really one big crap shoot ultimately controlled by supply and demand.
You forget to mention the cabal of banking interests that made sure the Hunts did not succeed.