contango

Traders lock in a profit through the simultaneous sale of futures contracts at higher prices for later delivery , with the market in a structure known as contango .

交易商一般会以更高价格同时卖出期货合约以后再交付，以此来锁定利润，这个结构被称为期货升水（contango）。

The goal of this research was threefold : using Tr ü ck et al . ( 2006 )' s results and methodology , we first investigated the changing market dynamics through the study of the futures and volatility term structures of EUA and found a market in clear contango .

本论文的目标有三层：第一，利用Trücketal.的结果和方法，通过对欧盟排放配额期货和波动的期限结构的分析来研究变化的市场动力，发现了市场明显地处于期货升水。

Traders even have a name for that upward bias in futures markets - contango .

交易员们甚至给期货市场的这种上涨倾向起了个名字，叫做“期货溢价”。

One of the most striking short-term pulls on oil prices is a futures-market condition called contango .

支撑油价的最为令人注目的短期措施之一是期货市场上所谓的“升水”。

In a contango market , the optimal hedge position is larger than the optimal position of a mean & variance investor .

而在期货市场贴水的条件下，具有风险厌恶和失望厌恶特征的投资者应当采取的最优套期保值头寸高于满足均值&方差理论的投资者的最优持有头寸。

Contango incentivizes those who can afford to hold oil to hold on to it .

“升水”刺激那些能负担得起的人把石油握在手里。

On Monday , Oman crude oil on the Dubai Mercantile Exchange flipped to contango as well .

周一，迪拜商品交易所交易的阿曼原油期货合约也出现顺价。

Contango indicates that traders are buying near-term supplies at a discount because there are enough barrels to go around .

顺价表明交易员们正在以低价买进短期合约，因为原油供应充足。

This has increased the contango & industry jargon for when prices for delivery in the future are higher than in the spot market in US crude .

这增加了美国原油的期货溢价，这个行业术语是指未来交付的原油期货的价格高于现货市场价格。

Increasing risk aversion and disappointment aversion have similar effects on optimal hedge position : increasing it in a backward market and decreasing it in a contango market .

风险厌恶或者失望厌恶程度的提高对最优套期保值头寸的影响方向是一致的，既在市场升水时增加头寸，在市场贴水时减少头寸。

Brent is now in contango , meaning that the front-month October contract is cheaper than contracts for later this year and next .

所谓倒价结构，是指近月合约的期货价格高于远月合约的价格。目前布伦特原油期货价格处于顺价结构，十月份交割的期货价格低于今年底和明年交割的期货价格。

While Brent is most reflective of the European market , the contango in Oman suggests that the Asian market is also well-supplied .

布伦特原油是欧洲原油市场走势的风向标，而阿曼原油期货出现顺价则表明亚洲市场供应也很充足。

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。

It also shows that the cause of backwardation is that a steady relation exists between spot price and future price , and divergence of this stable relationship generates contango in short-term .

石油现货价格和期货价格存在长期稳定关系，这种稳定关系产生了延期交割费，当这一稳定关系在短期会发生偏离，这时就会产生期货溢价。

Because the futures curve is in steep contango ( in other words , prices rise into the future ) and borrowing and warehousing costs are low , this generates a solid return .

由于期货溢价曲线相当陡峭（换言之，未来的价格会上涨），加之借款和仓储成本低廉，这会带来丰厚的收益。

The resulting contango , in which near-term contracts are cheaper than contracts for delivery in the future , made it extraordinarily profitable to buy crude , store it and sell it forward .

其结果是近期合约价格不及远月合约，这一升水的存在使得投资者现在买进并储蓄原油，留待日后卖出的交易变得格外有利可图。

When new contracts are more expensive , or in a contango , the rollover leads to losses as investors are selling cheaper prompt contracts and buying more expensive next-month futures .

当新合约价格更高，即处于期货溢价状态时，这种做法就会导致亏损，因为投资者要卖掉价格更低的即期合约，买入价格更高的下月合约。

There is one ETF that buys futures contracts & PowerShares DB Base Metals , which purchases aluminum , zinc and copper and varies the contracts it buys to minimize contango .

有一个交易所买卖基金购买期货合同的PowerSharesDB贱金属，购买铝，锌，铜，和不同的合同购买，以尽量减少价差。

The Shanghai copper futures curve has been in a wide contango , with the copper for delivery in three months trading above spot metal , since the beginning of the year , indicating a well-supplied market .

自今年年初以来，上海期铜曲线处于明显的“期货溢价”（contango）走势，三个月交割的期铜价格高于现货价，暗示市场供应充足。

And a further boost to returns will come from the fact that the futures curves in many important commodity markets have recently shifted from contango to backwardation , meaning commodities for immediate delivery now command a premium .

而以下事实还将进一步推高大宗商品投资的回报率：很多重要大宗商品市场的期货曲线走势，近来从期货溢价转向现货溢价，也就是说眼下立即交货的大宗商品存在溢价。