<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2016-11-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001522699</issuerCik>
        <issuerName>Nuveen Long/Short Commodity Total Return Fund</issuerName>
        <issuerTradingSymbol>CTF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001504304</rptOwnerCik>
            <rptOwnerName>Bulldog Investors, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PARK 80 WEST - PLAZA TWO</rptOwnerStreet1>
            <rptOwnerStreet2>250 PEHLE AVE., SUITE 708</rptOwnerStreet2>
            <rptOwnerCity>SADDLE BROOK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07663</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001067621</rptOwnerCik>
            <rptOwnerName>GOLDSTEIN PHILLIP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PARK 80 WEST - PLAZA TWO</rptOwnerStreet1>
            <rptOwnerStreet2>250 PEHLE AVE., SUITE 708</rptOwnerStreet2>
            <rptOwnerCity>SADDLE BROOK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07663</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001341021</rptOwnerCik>
            <rptOwnerName>Dakos Andrew</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PARK 80 WEST - PLAZA TWO</rptOwnerStreet1>
            <rptOwnerStreet2>250 PEHLE AVE., SUITE 708</rptOwnerStreet2>
            <rptOwnerCity>SADDLE BROOK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07663</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001561169</rptOwnerCik>
            <rptOwnerName>Samuels Steven</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PARK 80 WEST - PLAZA TWO</rptOwnerStreet1>
            <rptOwnerStreet2>250 PEHLE AVE., SUITE 708</rptOwnerStreet2>
            <rptOwnerCity>SADDLE BROOK</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07663</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2016-11-23</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7635</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.0491</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1146100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Clients</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Certain private investment fund clients of Bulldog Investors, LLC are the beneficial owners of these shares.  Bulldog Investors, LLC disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.  Andrew Dakos, Steven Samuels and Phillip Goldstein are the owners of Bulldog Investors, LLC.  Each of Messrs. Dakos, Samuels and Goldstein also is a Principal of the general partner of certain of such private investment fund clients of Bulldog Investors, LLC, and a limited partner in certain of such private fund clients.  Each of Messrs. Dakos, Samuels and Goldstein disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Phillip Goldstein on behalf of Bulldog Investors, LLC</signatureName>
        <signatureDate>2016-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Phillip Goldstein</signatureName>
        <signatureDate>2016-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Andrew Dakos</signatureName>
        <signatureDate>2016-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Steven Samuels</signatureName>
        <signatureDate>2016-11-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
