NO.PZ2023103101000033
问题如下：
Q. Which of the following is most consistent with backwardation in a commodity market?
选项：
A.The convenience yield is negative.
B.The benefit of holding the physical commodity exceeds the cost of carry.
C.The forward price is above the spot price.
解释：
B is correct. Backwardation in a commodity market implies that forward prices are lower than spot prices. This can occur only if the total benefits of physical ownership of the commodity exceed the total costs. A is incorrect because convenience yield cannot be negative. C is incorrect because this statement implies a contango market.
未来价格比现在价格低
