From Longman Business Dictionarycontangocon‧tan‧go /kənˈtæŋgəʊ-goʊ/ noun [uncountable] FINANCE a situation in which the price for commodities (=oil, metals, etc) being traded is lower for immediate delivery than it is for future deliveryThe market was in contango - the price for metal for three-month delivery was $24 a tonne above that for immediate delivery.
