backwardation

Mr Rudden says investors should look at commodity futures, rather than pure commodities, to take advantage of "backwardation" in these markets ( see opposite page).

卢顿表示，投资者应关注大宗商品期货，而不是纯粹的大宗商品，以利用这些市场上的“现货升水”（backwardation）。

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In Shanghai, copper futures continue to be in backwardation – which means that future prices are lower than current prices.

在上海，期铜价格继续维持现货升水行情，即期货价格低于现货价格。

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In July, the futures market for global benchmark Brent crude flipped out of backwardation--when the front-month contract is more expensive that contracts for delivery in later months.

7月份，作为全球油价基准的布伦特原油期货价格脱离了倒价结构。所谓倒价结构，是指近月合约的期货价格高于远月合约的价格。

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The price of cotton for immediate delivery is trading at a large premium to cotton for delivery next year a situation known as "backwardation" indicating a lack of available supplies.

即期交割的棉花价格较明年交割的棉花价格有大幅溢价即所谓的“远期贴水”，表明可用供给不足。

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And a further boost to returns will come from the fact that the futures curves in many important commodity markets have recently shifted from contango to backwardation, meaning commodities for immediate delivery now command a premium.

而以下事实还将进一步推高大宗商品投资的回报率：很多重要大宗商品市场的期货曲线走势，近来从期货溢价转向现货溢价，也就是说眼下立即交货的大宗商品存在溢价。

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The current downward slope of the price curve is known in industry jargon as "backwardation" and signals a tight supply and demand balance.

价格曲线向右下倾斜在行业术语中被称为“现货溢价”（backwardation），表明市场供需平衡吃紧。

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Also, private investors have to factor in the movement back and forth between contango and backwardation as well as consider the impact of any move in Treasury Bill yields.

此外，私人投资者必须考虑到期货溢价和现货溢价之间的来回波动，同时还要考虑到美国国债收益率波动带来的影响。

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Rising lease rates will cause gold to go into backwardation as holders of gold may not want to sell their gold forward under any circumstances a trend currently evidenced by the high physical premium being paid for gold coins.

黄金租赁价格不断上涨，将导致黄金进入现货升水状态，因为黄金持有者在任何情况下都不愿出售远期黄金，目前金币售价出现较高的现货升水就证明了这一趋势。

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In July, the futures market for global benchmark Brent crude flipped out of backwardation& when the front-month contract is more expensive that contracts for delivery in later months.

7月份，作为全球油价基准的布伦特原油期货价格脱离了倒价结构。

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The rush for delivery on Tuesday pushed the price of copper for immediate delivery to$ 114 a tonne above copper for delivery in three months, the highest such backwardation since September 2008 and a traditional sign of a tight market.

周二，受投资者争相进行交割的因素推动，即期交割的铜价比3个月交割的期铜每吨高出114美元，为2008年9月以来最高水平的现货升水，也是市场紧张的一个传统迹象。

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It also shows that the cause of backwardation is that a steady relation exists between spot price and future price, and divergence of this stable relationship generates contango in short-term.

石油现货价格和期货价格存在长期稳定关系，这种稳定关系产生了延期交割费，当这一稳定关系在短期会发生偏离，这时就会产生期货溢价。

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