convenience yield是什么内涵啊？麻烦老师讲一下吧，谢谢！

问题如下：

If a commodity’s forward curve is upward sloping and there is little or no convenience yield, the market is said to be in:

选项：

A.Backwardation. B.

Contango.

C.Equilibrium.

解释：

B is correct. Contango is a condition in the futures markets in which the spot price is lower than the futures price, the forward curve is upward sloping, and there is little or no convenience yield. Backwardation is the opposite condition in the futures markets, where the spot price exceeds the futures price, the forward curve is downward sloping, and the convenience yield is high. Equilibrium is an economic term where supply is equal to demand.