NO.PZ2018053101000037
问题如下:
If a commodity’s forward curve is upward sloping and there is little or no convenience yield, the market issaid to be in:
选项:
A.Backwardation.
B.
Contango.
C.Equilibrium.
解释:
Bis correct. Contango is a condition in the futures markets in which the spotprice is lower than the futures price, the forward curve is upward sloping, andthere is little or no convenience yield. Backwardation is the opposite conditionin the futures markets, where the spot price exceeds the futures price, theforward curve is downward sloping, and the convenience yield is high.Equilibrium is an economic term where supply is equal to demand.
可以深入解释一下原理吗