Commodities · Commodity specialist topics · lesson 1 of 9 · 7 min read · David Alexander
Term structure, properly
term structure
The full relationship between a commodity's contract months, treated as one object with a shape, a slope at every point, and a history. Contango and backwardation are its two headline states, but the structure carries more: humps, seasonal ridges, and a front end that speaks faster than the rest. Module 1 named it; this module reads it fluently.
This lesson is part of the advanced modules.
Modules 6 to 8 are included with a paid account. The definitional summary above is the whole of this page until then.