First, the hedge portfolio is not described as a loss. Since it is hedging, the purpose of hedging with spot is to avoid the price risk of spot. If there is a loss, (1) the possible reason is that the enterprise directly speculates without hedging. (2) The enterprise doesn't understand the operation method of hedging, and the spot is in the same direction as future positions, but the price is in an unfavorable direction.

Second, when hedging, it is inevitable that there will be incomplete hedging. All incomplete hedging means that future positions and spot positions will have profit or loss after hedging. The reason for incomplete hedging is that the tonnage of futures is fixed and the contract time is fixed, so the spot position can only find a relatively close futures contract to buy a considerable future positions in the futures market, but there will always be differences, so there will be incomplete hedging. There are many reasons for incomplete hedging, such as substitutes.