As you can see the following table of spot and front months contract prices. The difference of Dec/Jan is about 12 cents. The price difference between Jan and spot is 33 cents.That's a lot. The difference between these 2 will be narrowed as we close to Dec. If we don't see spot price moves up to 3.5~3.6 soon, Jan contract will fall for sure ...


Month
Last Chg. Open High Low Volume Time Chart
  Cash  3.333s -0.060 0.000 3.333 3.333 0 11/05/12 Q / C / O
  Dec 12  3.544 -0.010 3.568 3.569 3.513 8031 07:03 Q / C / O
  Jan 13  3.662 -0.016 3.680 3.683 3.635 3769 07:03 Q / C / O