rolling yield 不是在backwards才出现吗？

这样的话应该现在在高价才可能产生，这样答案不应该是C吗？怎么是b

我跟你错的一样，貌似答案认为价格到历史低点了会更低，而不是在历史高点价格会下降

我还没看答案，不过我当时好像是这样想的

backwardation出现是因为seller觉得现在的价格太低了，现在不想卖，所以他们卖出fwd，所以就选B

contango F>S if the buyer believe the future spot price will increase, he will pay a premium to buy the future. Those situation occurs when the spot prices was increasing and volatile

Backwardation F<S if the buyer believe the future spot price will decrease, he will pay a discount to buy the future, which occurs when the spot prices was decreasing and volatile.

So for this question, take the way that the price at historic lows means the price was decreasing for a while now.

很恶心的一题，应该是指的是他所持有的commodity目前的价格是低于当初他买入的价格的，所以是at historic lows。考虑的出发点不同，结果也不同，如果是他将要去买，那么这个价格是Historic high，如果是他已经买了，那题目所说的价格就是historic low。

实在是太恶心了，太卑鄙，太下流了。

怎么听起来像江苏卫视 非诚勿扰 里面 女嘉宾说的话。

迷惑

来个完结版,不知道大家赞成不

假设这个人投资的commodity at historical low,那么肯定是消费者开心,生产的人不开心,那么producers就会多卖FUTURE去lock the price now in a volitile market,,那么就导致future成了Backwardation

如过现在在历史高价,那是卖家开心,而消费者不开心,他们就会去买很多future去lock the price,造成future价格上升,那么就成了 contango

恩，我跟你一样错了~~~这道题相当恶心~！

刚看到的errat,

Mock Exam Morning Session: The justification for question 25 has been corrected to state: B is correct because positive “roll yield” occurs when the futures price is below the full carry price, referred to as backwardation