This is an incomplete hedge. Futures fall more than spot, so you are hedging.

There will also be some remaining power. Futures profit 60 yuan/ton, spot loss 40 yuan/ton. The final net profit is 60 *100-40 *100 = 2000, so there will be a price difference. If you hedge completely, there will be no price difference. I'm the account manager in galaxy futures. If you have any questions, we can discuss them. Q5 125253 1