HardAssetsInvestor

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

ROLL COSTS: The front-month roll rose to 4.3 percent annualized from 3.78 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Brent’s backwardation narrowed slightly last week.

ROLL COSTS: Investors net 4.61 percent annualized from rolling front-month Brent contracts, down from a net of 5.86 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: The natural gas contango remained in steep contango as is typical during this time of the year.

ROLL COSTS: It costs investors 90.87 percent annualized to roll front-month natural gas contracts, down from 97.32 percent.

BOTTOM LINE: Steep Contango

CONTANGO WATCH: Gold is in mild contango.

ROLL COSTS: It costs investors 1.01 percent annualized to roll front-month gold contracts, up from a cost of 0.78 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 3.85 percent annualized to roll second-month silver contracts, down from a net of 4.37 percent.

BOTTOM LINE: Mild Backwardation to Mild Contango

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

ROLL COSTS: It costs investors 0.38 percent annualized to roll front-month platinum contracts, down from a cost of 0.70 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Palladium is in contango at the very front end of the curve and backwardation thereafter.

ROLL COSTS: Investors net 4.16 percent annualized from rolling second-month palladium contracts, up from a net of 1.99 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Copper is in mild contango throughout most of the one-year forward curve. Last week, China announced its approval of $157 billion worth of infrastructure projects, spurring a big rally in copper prices. Hopes for stimulus in the U.S. and China have also lent support and could keep prices moving to the upside.

Copper roll costs have been negligible this year and thus are not a major consideration for investors.

ROLL COSTS: It costs investors 0.38 percent annualized to roll front-month copper contracts, up from a cost of 0.12 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Front-month annualized roll costs moved down to 8.22 percent from 8.93 percent the week before.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 5.82 percent annualized to roll front-month zinc contracts, down slightly from 5.89 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 3.2 percent annualized to roll front-month lead contracts, up slightly from 3.10 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Roll costs for nickel edged up to 1.62 percent from 1.44 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors nothing to roll second-month tin contracts, down from a cost of 0.19 percent.

BOTTOM LINE: Mild Contango to Mild Backwardation

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

ROLL COSTS: It costs investors 1.51 percent annualized to roll front-month corn contracts, up from 1.13 percent.

BOTTOM LINE: Mild Contango to Backwardation

CONTANGO WATCH: Wheat’s contango widened slightly last week.

ROLL COSTS: Wheat’s annualized front-month roll costs rose to 4.7 percent from 4.57 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Soybeans remained in mild backwardation last week.

ROLL COSTS: Investors net 0.17 percent annualized from rolling second-month soybeans contracts, down from a net of 1.86 percent.

BOTTOM LINE: Mild Contango to Mild Backwardation

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

ROLL COSTS: It costs investors 13.51 percent annualized to roll front-month live cattle contracts, up a bit from a cost of 13.17 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: Investors net 6.94 percent annualized from rolling front-month lean hogs contracts, down from a net of 13.53 percent.

BOTTOM LINE: Backwardation to Contango

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

ROLL COSTS: It cost investors 8.28 percent annualized to roll front-month coffee contracts, down from a cost of 9.29 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 0.92 percent annualized to roll second-month cocoa contracts, down from a cost of 1.08 percent.

BOTTOM LINE: Backwardation to Contango

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

ROLL COSTS: It costs investors 6.38 percent annualized to roll front-month sugar contracts, down from a cost of 9.09 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 3.7 percent annualized to roll front-month cotton contracts, down from a cost of 6.28 percent.

BOTTOM LINE: Contango