2. The premise is that the initial value of the forward contract is equal to zero, that is, the delivery price is equal to the forward price when the contract is signed; If the holding cost is not considered, the spot price at this time = the forward price.
3. When the delivery price is lower than the forward price, it proves that the spot price is also higher than the delivery price, and signing the forward contract will make money. At this time, you should short the spot and buy the forward contract; Then someone will ask me if I can only hold forward contracts and deliver them at maturity. Why should I short the spot? Because the spot price fluctuates, the forward price will fluctuate in the same direction as the spot price, and trading in the opposite direction twice at the same time is to lock in profits, which is also called risk-free arbitrage.
4. Take a chestnut as an example: the spot price of apple is 10 yuan, and the transaction is 1 1 yuan three months after Party A and Party B sign the forward contract, so 1 1 yuan is the delivery price, and the forward price at this time is/kloc-0 =/kloc-.
When the price of apples rises to 15 yuan, the delivery price1yuan is lower than the forward price 16 yuan (15+ 1). At this time, 1 1 yuan buys forward contracts, and 16 yuan shorts the spot.