Under normal circumstances, the futures price is higher than the spot price. Futures are the prices of forward commodities, while spot prices are the current market prices. The storage of forward commodities needs funds, and the interest occupied by funds determines that the futures price is higher than the spot price, which is also called the positive market;
On the other hand, some unfavorable spot factors make investors extremely bearish on the future price of commodities, and the futures price will be lower than the current spot price, which is against the market.
Whether in the forward market or the reverse market, when the futures contract is close to delivery, the price will gradually converge with the spot price.