HardAssetsInvestor

CONTANGO WATCH: WTI’s contango widened slightly; contango remains the dominant trend across the one-year forward curve.

ROLL COSTS: It costs investors 7.89 percent annualized to roll front-month WTI contracts, up from a cost of 7.74 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent continues its march deeper into backwardation.

ROLL COSTS: Investors net 10.43 percent annualized from rolling front-month Brent contracts, up from a net of 10.11 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: Natural gas’ contango widened a bit this week, but remains typical for this time of year. At $0.02, the front-month natural gas roll is relatively inconsequential, at least by natural gas standards. More pertinent for traders are weather forecasts, the key driver of natural gas over the winter months. Currently, the NOAA is calling for mild temperatures for the bulk of December, which has pressured prices in recent sessions.

ROLL COSTS: It costs investors 9.79 percent annualized to roll front-month natural gas contracts, up from a cost of 7.99 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Gold saw a very slight widening of its contango, but roll costs are close to the five-year average historical roll for this date.

ROLL COSTS: It costs investors 0.91 percent annualized to roll front-month gold contracts, up from a cost of 0.7 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Silver saw its front-month contango widen slightly; trends across the one-year forward curve remain erratic.

ROLL COSTS: It costs investors 1.63 percent annualized to roll front-month gold contracts, up from a net of 1.17 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Platinum moved slightly deeper into contango this week.

ROLL COSTS: Investors paid 1.41 percent annualized from rolling front-month platinum contracts, up from a cost of 0.88 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 0.8 percent annualized to roll palladium contracts, down from a cost of 1.68 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Copper’s contango widened slightly, remaining at mild levels.

ROLL COSTS: It costs investors 1.32 percent annualized to roll front-month copper contracts, up from a cost of 0.75 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 7.15 percent annualized to roll second-month aluminum contracts, up from a cost of 6.37 percent.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Zinc’s steady contango widened a bit, remaining above the five-year average historical roll for this date.

ROLL COSTS: It costs investors 6.28 percent annualized to roll front-month zinc contracts, up from a cost of 5.74 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Lead’s contango widened last week.

ROLL COSTS: It costs investors 3.87 percent annualized to roll front-month lead contracts, up from a cost of 1.07 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Nickel’s mild contango widened slightly this past week. The commodity remains in steady contango across the one-year forward curve.

ROLL COSTS: It costs investors 1.48 percent annualized to roll front-month nickel contracts, up slightly from a cost of 1.3 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Tin remains in extremely steady mild backwardation.

ROLL COSTS: Investors net 0.28 percent annualized from rolling front-month tin contracts, up from a net of 0.27 percent.

BOTTOM LINE: Mild Backwardation

CONTANGO WATCH: Corn flipped into contango at the front end of the curve.

ROLL COSTS: It cost investors 2.27 percent annualized from rolling front-month corn contracts, up from a net of 1.37 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Wheat’s contango deepened this past week, moving closer to the five-year average historical roll for this date, while remaining notably below it.

ROLL COSTS: It cost investors 6.46 percent annualized to roll front-month wheat contracts, up from a cost of 5.43 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Soybeans’ backwardation narrowed this week.

ROLL COSTS: Investors net 0.3 percent annualized from rolling front-month soybeans contracts, down from a net of 3.15 percent.

BOTTOM LINE: Mild Backwardation

CONTANGO WATCH: Live cattle’s contango narrowed a bit.

ROLL COSTS: It costs investors 20.28 percent annualized to roll front-month live cattle contracts, down from a cost of 20.81 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Contango at the front end of the lean hogs forward curve widened, but remained near typical levels.

ROLL COSTS: It costs investors 41.77 percent annualized to roll front-month lean hogs contracts, up from a cost of 38.51 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Coffee widened its steady contango slightly this past week, remaining slightly steeper than the five-year average historical roll for this date.

ROLL COSTS: It costs investors 12.25 percent annualized to roll front-month coffee contracts, up from a cost of 11.99 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 0.25 percent annualized to roll second-month cocoa contracts, down from a cost of 0.71 percent.

BOTTOM LINE: Backwardation to Mild Contango

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

ROLL COSTS: It cost investors 3.82 percent annualized to roll front-month sugar contracts.

BOTTOM LINE: Contango

CONTANGO WATCH: Cotton’s contango widened this past week.

ROLL COSTS: Cotton’s annualized front-month roll costs investors 7.25 percent annualized, up from 5.12 percent.

BOTTOM LINE: Contango