Backwardation is the opposite of contango, representing a situation in which the spot price is higher than the price for future delivery.

现货溢价正好和期货溢价相反，表示现货价格高于期货价格的一种情况。

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While a contango, the more common scenario with futures, implies that nearby contracts are cheaper than forward ones, backwardation refers to the opposite scenario, in which nearby prices are higher.

然而未来铝价呈现顺价结构将会成为一种更为普遍的现象，这意味着近期合约价格要比远期合约价格更低，而铝价倒挂的情况刚刚相反。

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What that means is that within the thicket of terms like VaR, backwardation, contango, tranche, and junk bond, we find some familiar animal friends - although often in some strange contexts.

而在错综复杂的诸如加值型经销商、现货溢价、期货溢价、一期款项、垃圾债券这类术语中，还有一些我们熟悉的动物伙伴——尽管它们也常出现在奇怪的语境中。

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However, investments in these types of derivative instruments bring terms such as contango and backwardation into the equation.

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Backwardation is the opposite of contango.

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Oil futures have been in contango since mid-May, in contrast to their usual state, known as backwardation, where prices continually drop from the current spot price.

FORBES: Magazine Article