backwardationnoun [ U ]
uk/ˌbækwəˈdeɪʃn/us/-wɚd/FINANCE, STOCK MARKET a situation in which the price of a commodity (= a product, such as oil or a metal, that is traded in large quantities) is lower if the buyer is to receive the commodity at a future date than it is if the buyer receives it immediately:
Silver has been in backwardation for the past five weeks.
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contango