1. When the futures contract expires, the futures price should be the same as the spot price, otherwise there will be risk-free arbitrage opportunities. Before the expiration date of futures contracts, futures and spot are not only affected by the relationship between supply and demand, but also by the cost of arbitrage. The factors affecting futures prices are basically the same as those affecting spot market prices. Therefore, futures prices and spot prices will show a positive correlation trend most of the time.

2. Futures and spot are completely different. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.