期货升水是现货与期货价格之间的正常关系。

Contango is the normal relationship between the spot price and the futures price and is the opposite of backwardation.

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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)。

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

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