HardAssetsInvestor

CONTANGO WATCH: WTI is in contango across most of the one-year forward curve, with some fluctuations starting toward midsummer.

ROLL COSTS: It costs investors 5.59 percent annualized to roll front-month WTI contracts, down slightly from 5.63 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent’s backwardation narrowed but continues across the one-year curve.

ROLL COSTS: Investors net 7.56 percent annualized from rolling front-month Brent contracts, down from a net of 11.07 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: The natural gas contango has widened again, remaining in the typical steep contango for this time of the year.

ROLL COSTS: It costs investors 172.09 percent annualized to roll front-month natural gas contracts, up from 142.05 percent.

BOTTOM LINE: Steep Contango

CONTANGO WATCH: Gold’s mild contango widened following sinking prices.

ROLL COSTS: It costs investors 0.73 percent annualized to roll front-month gold contracts, up from a cost of 0.62 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Contango has steepened in silver at the front end of the forward curve.

ROLL COSTS: It costs investors 3.79 percent annualized to roll front-month silver contracts, up from a cost of 1.27 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: The platinum forward curve has moved into contango, continuing across the one-year forward curve.

ROLL COSTS: Investors paid 1.35 percent annualized from rolling front-month platinum contracts, up from a net of 0.10 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Palladium peaks into contango at the very front end of the curve before dropping back down and remaining flat thereafter.

ROLL COSTS: Investors paid 3.89 percent annualized from rolling front-month palladium contracts, down from a net of 0.31 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Copper’s mild contango has narrowed, but remains constant throughout the one-year forward curve.

ROLL COSTS: It costs investors 0.07 percent annualized to roll front-month copper contracts, down from a cost of 0.22 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Front-month roll costs rose to 7.92 percent annualized from 7.35 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 8.55 percent annualized to roll front-month zinc contracts, up from a cost of 8.30 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Lead has moved out of backwardation and is flat at the front end of the curve, moving into mild contango thereafter.

ROLL COSTS: Roll costs for lead were zero, up from a net of 0.56 percent.

BOTTOM LINE: Flat to Mild Contango

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

ROLL COSTS: It costs investors 1.50 percent annualized from rolling front-month nickel contracts, up slightly from a cost of 1.49 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The tin forward curve steepened its mild backwardation across the one-year forward curve.

ROLL COSTS: Investors net 1.40 percent annualized from rolling front-month tin contracts, up from a net of 0.56 percent.

BOTTOM LINE: Mild Backwardation

CONTANGO WATCH: Corn is in steepening backwardation, though the shape of the curve remains unchanged.

ROLL COSTS: Investors net 1.17 percent annualized from rolling front-month corn contracts, up from a net of 0.27 percent.

BOTTOM LINE: Mild Backwardation

CONTANGO WATCH: Wheat’s contango narrowed after peaking last week.

ROLL COSTS: Wheat’s annualized front-month roll costs dropped from 5.52 percent to 5.09 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Soybeans have moved out of backwardation into mild contango this week; however, backwardation remains dominant across the one-year forward curve.

ROLL COSTS: It costs investors 0.87 percent annualized from rolling front-month soybeans contracts, up from a net of 0.30 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The live cattle curve remains in contango, though narrowing slightly.

ROLL COSTS: It costs investors 18.90 percent annualized to roll front-month live cattle contracts, down from a cost of 19.88 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Though narrowing, the front end of the lean hogs forward curve remains in contango while the back end is in backwardation.

ROLL COSTS: It costs investors 55.45 percent annualized to roll front-month lean hogs contracts, down from a cost of 58.74 percent.

BOTTOM LINE: Contango to Backwardation

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

ROLL COSTS: It costs investors 10.74 percent annualized to roll front-month coffee contracts, down from a cost of 11.66 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Cocoa moved into milder contango last week, while remaining in contango across most of the one-year forward curve.

ROLL COSTS: It costs investors 1.46 percent annualized to roll front-month cocoa contracts, down from a cost of 2.58 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Sugar widened its steepening backwardation at the front end of the curve.

ROLL COSTS: Investors net 2.94 percent annualized from rolling front-month sugar contracts, up from a net of 0.89 percent.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Cotton dropped into deep backwardation last week at the front end of the curve, while the back end remains in contango.

ROLL COSTS: Cotton’s annualized front-month roll costs dropped from 3.06 percent to net investors 9.28 percent.

BOTTOM LINE: Backwardation to Contango