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If a futures contract is said to be in backwardation, it means: The futures price converges down towards the spot price in maturity. The futures

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If a futures contract is said to be in backwardation, it means: The futures price converges down towards the spot price in maturity. The futures price converges upward towards the spot price in maturity. The futures price is the same as spot price. The spot price is lower than futures price

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