MacroVoices #347 Ole Hansen: Commodities Can Go Up Even In Recession
Macro Voices
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Cantango and Backwardation in the Commodity Market
The shape of the futures curve tells us a story about whether market is in tight supply or oversupplied. Right now, we are seeing backwardation across most major commodity futures. That's the opposite of what we've seen for a number of years where the market was actually in cantango. So it could indicate that it are some starting to see some underlying demand or speculation that we are getting close to a through in the euro dollar at least.
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