Although the futures market can be profitable, the profit of the futures market is not enough to offset the losses caused by the expansion of the basis in the spot market. Because the basis is extended to 50 yuan/ton, the remaining loss is 50 yuan/ton. However, after the basis transaction, no matter how inconsistent the spot price is with the futures price and no matter how the basis changes, the seller always ends the hedging transaction with the basis of-100 yuan/ton, because both parties decide to sell spot copper at a price lower than the futures price due in August, thus achieving a perfect hedging effect.

As for the buyers in spot copper, after the basis transaction, they can only buy spot copper at a price "lower than the futures price due in August 100 yuan/ton", that is, at a price of 15600 yuan/ton, but they can't enjoy the lower price at that time, which is a disadvantage. However, after the basis transaction, not only the spot copper source of the copper pipe factory is guaranteed, but also the right to choose the strongest day to determine the final transaction price within 15 days. At the same time, considering that the price may change adversely, this is beneficial on the other hand.