Backwardation vs contango

When a market is in contango, the forward price of a futures contract is higher than the spot price.

Copper bulls are moving…

April saw copper continue its recovery, now sitting at around $4.5/lb.

And here's an unexpected one: Future copper prices are getting higher than spot, bringing the biggest contango in over 20 years.

📊 @FinancialTimes

In this environment, we've… pic.twitter.com/rH9bGz5nyX
— Paola Rojas 🐝 (@paola_rojas) May 3, 2024