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Define the Term “Contango” in the Futures Market.

Contango is a market condition where the futures price of an asset is higher than the expected spot price at maturity, or the near-term futures price is lower than the long-term futures price. This typically occurs when the cost of carrying the underlying asset, such as storage and insurance, is positive.

It is the opposite of backwardation.

What Is a “Negative Basis” and What Market Condition Does It Reflect?
What Is the Concept of “Contango” in Futures Markets?
What Does a Positive Basis (Futures Price > Spot Price) Indicate?
What Is the Relationship between Basis and the ‘Cost of Carry’?