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- Written by Sumit Roy |
- March 19, 2012
Contango Report: Copper & Sugar Backwardation Widen
- Details
loading charts...5.60%
Annualized Cost 1 Week Previous
5.55%
Historical 03/13 5YR Annualized Roll
7.32%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: WTI is in contango through the first half of the one-year forward curve.
ROLL COSTS: Front-month roll costs rose to 5.6 percent annualized, up slightly from 5.55 percent.
BOTTOM LINE: Contango
-7.08%
Annualized Cost 1 Week Previous
-5.02%
Historical 03/13 5YR Annualized Roll
5.93%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Brent’s backwardation widened last week.
ROLL COSTS: Investors net 7.08 percent annualized from rolling front-month Brent contracts, up from 5.02 percent.
BOTTOM LINE: Backwardation
72.44%
Annualized Cost 1 Week Previous
68.53%
Historical 03/13 5YR Annualized Roll
29.02%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The natural gas contango widened, remaining at extremely elevated levels last week.
ROLL COSTS: It costs investors 72.44 percent annualized to roll front-month natural gas contracts, up from 68.53 percent the week before.
BOTTOM LINE: Steep Contango
0.72%
Annualized Cost 1 Week Previous
0.81%
Historical 03/13 5YR Annualized Roll
1.30%
Contract Months:
Feb Apr Jun Aug Oct Dec
CONTANGO WATCH: Gold is in mild contango across the forward curve.
ROLL COSTS: Annualized front-month roll costs decreased to 0.72 percent last week from 0.81 percent.
BOTTOM LINE: Mild Contango
-0.09%
Annualized Cost 1 Week Previous
1.79%
Historical 03/13 5YR Annualized Roll
0.51%
Contract Months:
Jan Mar May Jul Sep Dec
CONTANGO WATCH: Silver is in mild backwardation at the very front end of the curve.
ROLL COSTS: Annualized front-month roll costs fell to -0.09 percent from 1.79 percent.
BOTTOM LINE: Mild Backwardation to Mild Contango
0.96%
Annualized Cost 1 Week Previous
-0.76%
Historical 03/13 5YR Annualized Roll
1.09%
Contract Months:
Jan Apr Jul Oct
CONTANGO WATCH: The platinum forward curve is in mild contango at the front end of the curve.
ROLL COSTS: Front-month annualized roll costs rose to 0.96 percent from a net of 0.76 percent.
BOTTOM LINE: Mild Contango
0.46%
Annualized Cost 1 Week Previous
0.66%
Historical 03/13 5YR Annualized Roll
1.06%
Contract Months:
Mar Jun Sep Dec
CONTANGO WATCH: Palladium is in mild contango at the very front of the forward curve.
ROLL COSTS: Front-month annualized roll costs fell to 0.46 percent from 0.66 percent.
BOTTOM LINE: Mild Contango
-1.25%
Annualized Cost 1 Week Previous
-0.70%
Historical 03/13 5YR Annualized Roll
0.14%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Copper’s backwardation at the front end of the forward curve widened a bit last week.
ROLL COSTS: Investors net 1.25 percent annualized from rolling front-month copper contracts, up from a net of 0.7 percent.
BOTTOM LINE: Mild Backwardation to Mild Contango
7.24%
Annualized Cost 1 Week Previous
7.70%
Historical 03/13 5YR Annualized Roll
7.57%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The aluminum forward curve is in steady contango.
ROLL COSTS: Front-month annualized roll costs moved down to 7.24 percent from 7.7 percent the week before.
BOTTOM LINE: Contango
2.92%
Annualized Cost 1 Week Previous
3.55%
Historical 03/13 5YR Annualized Roll
4.89%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Zinc is in steady contango.
ROLL COSTS: Front-month annualized roll costs are at 2.92 percent, down from 3.55 percent.
BOTTOM LINE: Contango
4.96%
Annualized Cost 1 Week Previous
5.25%
Historical 03/13 5YR Annualized Roll
0.80%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The lead forward curve is in steady contango.
ROLL COSTS: It costs investors 4.96 percent annualized to roll front-month lead contracts, down from 5.25 percent.
BOTTOM LINE: Steady Contango
1.56%
Annualized Cost 1 Week Previous
1.82%
Historical 03/13 5YR Annualized Roll
1.92%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Nickel is in mild contango throughout the forward curve.
ROLL COSTS: Roll costs for nickel edged down to 1.56 percent from 1.82 percent.
BOTTOM LINE: Mild Contango
1.02%
Annualized Cost 1 Week Previous
1.09%
Historical 03/13 5YR Annualized Roll
-1.38%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: The tin forward curve is in mild contango.
ROLL COSTS: Front-month roll costs edged down to 1.02 percent from 1.09 percent the week before.
BOTTOM LINE: Mild Contango
-2.43%
Annualized Cost 1 Week Previous
-9.85%
Historical 03/13 5YR Annualized Roll
11.09%
Contract Months:
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CONTANGO WATCH: Corn’s backwardation at the front end of the curve narrowed last week.
ROLL COSTS: Investors net 2.43 percent annualized from rolling front-month corn contracts, down from a net of 9.85 percent.
BOTTOM LINE: Backwardation to Contango
4.78%
Annualized Cost 1 Week Previous
4.56%
Historical 03/13 5YR Annualized Roll
12.91%
Contract Months:
Mar May Jul Sep Dec
CONTANGO WATCH: The shape of the wheat forward curve was little changed last week.
ROLL COSTS: Wheat’s annualized front-month roll costs rose to 4.78 percent from 4.56 percent.
BOTTOM LINE: Contango
2.98%
Annualized Cost 1 Week Previous
2.97%
Historical 03/13 5YR Annualized Roll
1.87%
Contract Months:
Jan Mar May Jul Aug Sep Nov
CONTANGO WATCH: The shape of the soybeans forward curve was little changed last week.
ROLL COSTS: It costs investors 2.98 percent annualized to roll front-month soybeans contracts, up from 2.97 percent the week before.
BOTTOM LINE: Contango to Backwardation
-11.82%
Annualized Cost 1 Week Previous
-11.00%
Historical 03/13 5YR Annualized Roll
-6.64%
Contract Months:
Feb Apr Jun Aug Oct Dec
CONTANGO WATCH: Live cattle remained in backwardation at the front end of the curve last week.
ROLL COSTS: Annualized live cattle roll costs last stood at a net of 11.82 percent, up from an 11 percent net.
BOTTOM LINE: Backwardation to Contango
-9.71%
Annualized Cost 1 Week Previous
-4.60%
Historical 03/13 5YR Annualized Roll
39.77%
Contract Months:
Feb Apr May Jun Jul Aug Oct Dec
CONTANGO WATCH: The shape of the lean hogs’ forward curve was little changed last week.
ROLL COSTS: Investors net 9.71 percent annualized from rolling front-month lean hogs contracts, up from a net of 4.6 percent.
BOTTOM LINE: Contango to Backwardation to Contango
3.35%
Annualized Cost 1 Week Previous
-0.98%
Historical 03/13 5YR Annualized Roll
7.19%
Contract Months:
Mar May Jul Sep Dec
CONTANGO WATCH: Coffee is in contango throughout the one-year forward curve.
ROLL COSTS: Annualized front-month roll costs rose to 3.35 percent from a net of 0.98 percent.
BOTTOM LINE: Contango
6.56%
Annualized Cost 1 Week Previous
-9.44%
Historical 03/13 5YR Annualized Roll
0.27%
Contract Months:
Mar May Jul Sep Dec
CONTANGO WATCH: Cocoa is in contango throughout the one-year forward curve.
ROLL COSTS: It costs investors 6.56 percent annualized to roll front-month cocoa contracts, down from a net of 9.44 percent.
BOTTOM LINE: Contango
-24.07%
Annualized Cost 1 Week Previous
-19.74%
Historical 03/13 5YR Annualized Roll
-10.98%
Contract Months:
Mar May Jul Oct
CONTANGO WATCH: Sugar’s backwardation at the front end of the curve widened last week.
ROLL COSTS: Investors net 24.07 percent annualized from rolling front-month sugar contracts, up from a net of 19.74 percent.
BOTTOM LINE: Steep Backwardation
3.97%
Annualized Cost 1 Week Previous
5.99%
Historical 03/13 5YR Annualized Roll
2.90%
Contract Months:
Mar May Jul Oct Dec
CONTANGO WATCH: Cotton’s contango narrowed last week.
ROLL COSTS: It costs investors 3.97 percent annualized to roll front-month cotton contracts, down from 5.99 percent.
BOTTOM LINE: Contango
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