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。
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。
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。
Contango is the normal relationship between the spot price and the futures price and is the opposite of backwardation.
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.
期货升水是现货与期货价格之间的正常关系。
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