Generally speaking, in the forward market, when the market rises, the forward contract price will rise, the recent contract price will also rise, and the recent increase will be more, in order to maintain the normal position fee of the forward contract; When the market falls, the recent contract price will not fall more than the forward contract price, because the premium of the forward contract to the recent contract is usually not greater than the position fee different from the recent contract. In short, whether it is the recent contract price and the forward contract price, or the spot price and the futures price, their price space is mainly the position cost, in addition to the position risk cost, handling fee and delivery cost of the expired contract.