1. premium: Also known as futures premium, it means that in the futures market, the price of the forward contract is higher than the price of the recent contract, that is, the expected price in the future is higher than the current price. This usually happens when the market expects future price increases.

2. Discount: Also known as futures discount, it means that in the futures market, the price of the forward contract is lower than the price of the recent contract, that is, the expected price in the future is lower than the current price. This usually happens when the market expects the future price to fall. Futures premium: futures premium, that is, the forward price is higher than the recent price, is used for futures, which refers to two situations: first, the forward futures price is higher than the current futures price (compared with the same variety); Second, the price of futures delivery is higher than the current market price of its subject matter. The second case is also called spot discount.