what does backwardation mean ?
Normal backwardation, also sometimes called backwardation, is the market condition where the price of a commodity's forward or futures contract is trading below the expected spot price at contract maturity.
The photo below highlighted the price for Tin Which is a metal used an electronic solder.
If you notice gold and silver our way at the bottom. I think this is an example why gold and silver have not gone up while most other commodities have increased.