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问题如下：

Which of the following factors most likely explains why the spot price of a commodity in short supply can be greater than its forward price?

选项：

A.

Opportunity cost.

B.

Lack of dividends.

C.

Convenience yield.

解释：

C is correct. The convenience yield is a benefit of holding the asset and generally exists when a commodity is in short supply. The future value of the convenience yield is subtracted from the compounded spot price and reduces the commodity’s forward price relative to it spot price. The opportunity cost is the risk-free rate. In the absence of carry costs, the forward price is the spot price compounded at the risk-free rate and will exceed the spot price. Dividends are benefits that reduce the forward price but the lack of dividends has no effect on the spot price relative to the forward price of a commodity in short supply.