To give a very simple example, the quotation of LME floor trading in the second quarter is 8000. At this time, the spot quotation cannot be lower than 7970, but it can be arbitrarily high, such as 8200 and 8300.

Don't be specific to the concept of premium, this is a relative proportion.

If the futures price is 8000 and the spot price is 8050, it means that the premium of spot to futures is 50, and it can also be said that the premium of futures to spot is 50.

The premium is always relative.