现货

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。

Consequently, backwardation reinforces the disincentive to build stocks.

因此，现货溢价进一步打击了炼厂增加库存的意愿。

The market that opened in May at the Chicago Mercantile Exchange is now showing backwardation in all 10 metropolitan areas trading.

该市场于今年5月在芝加哥商交所正式挂牌交易，目前在10大城市的房屋交易中均出现"逆价差"现象，即期货价位低于现货价位。

But matched against late July, when the backwardation peaked at $70-$75/ton, the change is enormous.

但7月晚间现货对三月期铝价倒挂又猛增到了每吨70－75美元。

This paper is studying fluctuation of price, backwardation and contango in future markets. Based on the theory of future market and spot market, it takes a further analysis of Robert and Nir's study of backwardation in oil future markets. By data acquisition and processing, descriptive statistics and time series analysis, it investigates the relationship between backwardation and the equilibrium of oil future prices and spot prices.

本文根据期货和现货的相关理论研究，以Robert和Nir对石油期货市场延期交割费的研究为基础，采用数据收集、对比统计分析和时间序列分析的方法，建立模型进行实证分析，对石油期货市场延期交割费的相关问题进行了研究。

Judging by gold backwardation and the bearish charts on the bubbly debt ETFs, I think the debt monetization and dollar devaluation will begin within the next six weeks.

从黄金现货溢价和国债交易所交易基金这些泡沫的看跌图形，我认为债务货币化和美元贬值将在未来6个星期内开始。

Backwardation represents a perceived lack of supply (in this case, the artificial supply the Fed would always issue at strategic times no longer exists), causing investors to pay a premium for guaranteed delivery.

现货溢价表示认为供应缺乏（在这种情况下，美联储在战略紧要时候发布的虚假供应不再存在了），导致投资者支付溢价以保证交货。

In 2005, the discussion was focused on the distorting effect the rapid inflow of money tracking commodity indices were having on the crude oil forward curve, which had flipped from backwardation to contango.

在2005年，跟踪初级产品价格指数的资金迅速流入市场，使得原油价格由现货升水状态转变为期货升水状态。这些资金对原油远期价格曲线的干扰效应就成了当时讨论的焦点。

Spot activity continues despite the approach of the summer shutdowns and has been widespread in geographic terms (including in-warehouse sales at $70/t) although consumers are naturally wary of building inventory in a backwardation with summer plant shutdowns approaching.

尽管夏日的淡季就要到来，但现货活动仍在继续并广泛分布在各个地区之间（包括70美元/吨的仓库内销售），虽然消费者通常在夏季工厂关闭期到来的时候在市场处于升水的情况下对建立库存持谨慎态度。

For example, the sudden move in the crude oil curve from contango to backwardation last year has its origins in the steady reduction in OPEC and specifically Saudi Arabian crude oil production.

举例来说，2007年，原油远期价格曲线之所以由期货升水状态突然转变为现货升水状态，其根源就在于欧佩克、尤其是沙特的稳步减产。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。