HardAssetsInvestor

CONTANGO WATCH: WTI is in contango through most of the one-year forward curve.

ROLL COSTS: The front-month roll rose to 3.69 percent annualized, up slightly from 3.65 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent's backwardation narrowed notably as the September contract fell off the board and October became the front month. Seasonal maintenance on oil facilities in the North Sea will lead to a drop in output in the region in September, but by October production should recover.

Thus, we see a smaller backwardation for the October contract compared with September. However, should tightness in the North Sea market linger longer than expected, the backwardation may widen again.

ROLL COSTS: Investors net 1.96 percent annualized from rolling front-month Brent contracts, down from a net of 18.38 percent.

BOTTOM LINE: Mild Backwardation

CONTANGO WATCH: The natural gas widened slightly last week

ROLL COSTS: It costs investors 19.33 percent annualized to roll front-month natural gas contracts, up from 16.83 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Gold is in mild contango.

ROLL COSTS: It costs investors 0.82 percent annualized to roll front-month gold contracts, up a bit from a cost of 0.74 percent

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Silver is in mild contango throughout most of the forward curve.

ROLL COSTS: It costs investors 1.08 percent annualized to roll front-month silver contracts.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Platinum is in mild contango at the front end of the forward curve.

ROLL COSTS: It costs investors 0.49 percent annualized to roll front-month platinum contracts, down from 0.63 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Palladium is in mild contango at the very front end of the curve.

ROLL COSTS: It costs investors 1.04 percent annualized to roll front-month palladium contracts, down from 1.10 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Copper is in mild contango at the front end of the one-year forward curve.

ROLL COSTS: It costs investors 0.32 percent annualized to roll front-month copper contracts, down slightly from 0.28 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The aluminum forward curve is in steady contango.

ROLL COSTS: Front-month annualized roll costs fell to 7.44 percent from 8.2 percent the week before.

BOTTOM LINE: Contango

CONTANGO WATCH: Zinc is in contango across the one-year forward curve.

ROLL COSTS: It costs investors 5.52 percent annualized to roll front-month zinc contracts, up from 4.02 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Lead is in contango across the one-year forward curve.

ROLL COSTS: It costs investors 1.6 percent annualized to roll front-month lead contracts, up from 1.44 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Nickel is in mild contango throughout the forward curve.

ROLL COSTS: Roll costs for nickel edged down to 1.63 percent from 1.65 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The tin forward curve is in mild backwardation at the front end of the curve and mild contango thereafter.

ROLL COSTS: Investors net 0.13 percent annualized from rolling front-month tin contracts, which was unchanged from last week.

BOTTOM LINE: Mild Backwardation to Mild Contango

CONTANGO WATCH: Corn is in contango at the front end of the curve.

ROLL COSTS: It costs investors 4.17 percent annualized to roll front-month corn contracts, down from 4.88 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Wheat's contango widened last week.

ROLL COSTS: Wheat's annualized front-month roll costs rose to 9.88 percent from 7.8 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Soybeans' backwardation narrowed as prices rallied last week.

ROLL COSTS: Investors net 8.51 percent annualized from rolling front-month soybeans contracts, down from a net of 10.31 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: The live cattle curve is in contango across most of the one-year forward curve.

ROLL COSTS: It costs investors 14.85 percent annualized to roll front-month live cattle contracts, up slightly from a cost of 14.82.

BOTTOM LINE: Contango

CONTANGO WATCH: The front half of the lean hogs forward curve is in backwardation.

ROLL COSTS: Investors net 18.8 percent annualized from rolling front-month lean hogs contracts, up from a net of 15.57 percent.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Coffee is in contango throughout the one-year forward curve.

ROLL COSTS: Annualized front-month roll costs rose to 7.96 percent, up from 7.45 percent

CONTANGO WATCH: Cocoa is in backwardation at the very front end of the curve.

ROLL COSTS: Investors net 6.55 percent annualized from rolling front-month cocoa contracts, up sharply from a cost of 2.47 percent.

CONTANGO WATCH: Sugar is in contango at the front end of the curve.

ROLL COSTS: It costs investors 8.24 percent annualized to roll front-month sugar contracts, up from 5.40 percent.

CONTANGO WATCH: Cotton is in contango throughout the one-year forward curve.

ROLL COSTS: It costs investors 0.49 percent annualized to roll front-month cotton contracts, down from a cost of 2.75 percent.

BOTTOM LINE: Mild Contango