找金融词汇 来路透金融词典
现货升水 - xianhuo shengshui
1.在商品市场，现货升水指现货或近月期约的价格高于远月期约的价格。远期价格一般高于现货价格，以反映未来交割的货物的仓储及保险成本。现货升水通常是现货需求急升导致供应短缺所致，但与此同时期货价格则因预期未来供应增加而保持平稳。与“现货升水”相反的是“现货贴水”（contango）。
2.在伦敦证券交易所，指证券出售方在销售证券后未能按时交割而支付的费用，目的是要取得延期交割权利。
Backwardation
In commodity markets, backwardation is a situation where the cash or near delivery price rises above the price for forward delivery. The forward price is usually higher than the cash price to reflect the added costs of storage and insurance for stocks deliverable at a later date. Shortage of supply is often to blame for backwardation, because demand for the spot or cash product rises sharply, but the futures price stays steady because more supplies are expected in the future. The opposite of backwardation is contango.
