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- Contango abstract "Contango is a situation where the futures price (or forward price) of a commodity is higher than the expected spot price.(Black 2009)(investopedia) In a contango situation, hedgers (commodity producers and commodity users) or arbitrageurs/speculators (non-commercial investors),(EU & 2008 6) are "willing to pay more for a commodity at some point in the future than the actual expected price of the commodity. This may be due to people's desire to pay a premium to have the commodity in the future rather than paying the costs of storage and carry costs of buying the commodity today."(investopedia)The opposite market condition to contango is known as normal backwardation.(investopedia) "A market is "in backwardation" when the futures price is below the expected future spot price for a particular commodity. This is favorable for investors who have long positions since they want the futures price to rise."(investopedia)The Commission of the European Communities (CEC & 2008 6) described backwardation and contango in relation to futures prices: "The futures price may be either higher or lower than the spot price. When the spot price is higher than the futures price, the market is said to be in backwardation. It is often called "normal backwardation" as the futures buyer is rewarded for risk he takes off the producer. If the spot price is lower than the futures price, the market is in contango."(CEC & 2008 6)The futures or forward curve would typically be upward sloping (i.e. "normal"), since contracts for further dates would typically trade at even higher prices. (The curves in question plot market prices for various contracts at different maturities—cf. term structure of interest rates) "In broad terms, backwardation reflects the majority market view that spot prices will move down, and contango that they will move up. Both situations allow speculators (non-commercial traders) to earn a profit."(CEC & 2008 6)A contango is normal for a non-perishable commodity that has a cost of carry. Such costs include warehousing fees and interest forgone on money tied up, less income from leasing out the commodity if possible (e.g. gold). For perishable commodities, price differences between near and far delivery are not a contango. Different delivery dates are in effect entirely different commodities in this case, since fresh eggs today will not still be fresh in 6 months' time, 90-day treasury bills will have matured, etc.".
- Contango thumbnail Contangobackwardation.png?width=300.
- Contango wikiPageExternalLink contango.asp.
- Contango wikiPageExternalLink story.php?storyId=98410267.
- Contango wikiPageID "58508".
- Contango wikiPageRevisionID "606099063".
- Contango hasPhotoCollection Contango.
- Contango subject Category:Basic_financial_concepts.
- Contango subject Category:Derivatives_(finance).
- Contango subject Category:Financial_terminology.
- Contango type Abstraction100002137.
- Contango type BasicFinancialConcepts.
- Contango type Cognition100023271.
- Contango type Concept105835747.
- Contango type Content105809192.
- Contango type Idea105833840.
- Contango type PsychologicalFeature100023100.
- Contango comment "Contango is a situation where the futures price (or forward price) of a commodity is higher than the expected spot price.(Black 2009)(investopedia) In a contango situation, hedgers (commodity producers and commodity users) or arbitrageurs/speculators (non-commercial investors),(EU & 2008 6) are "willing to pay more for a commodity at some point in the future than the actual expected price of the commodity.".
- Contango label "Contango".
- Contango label "Contango".
- Contango label "Contango".
- Contango label "Contango".
- Contango label "Contango".
- Contango label "Контанго".
- Contango sameAs Contango.
- Contango sameAs Contango.
- Contango sameAs Contango.
- Contango sameAs Contango.
- Contango sameAs Contango.
- Contango sameAs m.0f_hp.
- Contango sameAs Q764869.
- Contango sameAs Q764869.
- Contango sameAs Contango.
- Contango wasDerivedFrom Contango?oldid=606099063.
- Contango depiction Contangobackwardation.png.
- Contango isPrimaryTopicOf Contango.