Something that is in such a high demand, there's a low supply of whatever it is. Something almost everyone wants.
"iPhones are such a hot commodity, everyone wants one but I can never seem to get my hands on one!"
A person who is not only very attractive but also have an attractive personality that makes everyone want to be around them. Most of the time they throw really good parties or are the life of a party.
Girl 1: "Oh my god Ryan is so cute. You think I should ask him out?"
Girl 2: "You can try but he is a hot commodity. Everyone wants that so take a number."
The by-product of nuclear wings and too many beers (usually the fine brand Upper Canadian).
Dude, did you see that Hot Commodity at the end of the dock?
Nah, I didn't want to intrude.