Spot price and futures price are interactive. Futures price has the function of finding forward spot price, but it will be limited by spot price when it expires, which leads to the convergence of the two prices on the last trading day. Before that, there was a gap between the two prices (that is, the basis difference), but the price trend was the same.
Let me give an example of a commodity futures market using spot prices and futures prices to hedge, such as gold.
At the beginning of March, some people wanted to buy gold at the price of 2000 yuan per ton, but they didn't buy it because of funds and other reasons. At this time, the futures price is 2200 yuan per ton. In order to prevent the spot price from rising in early May, for example, to 2,300 yuan per ton, the futures price rose to 2,500 yuan per ton during this period. At this time, he can buy a futures contract of 2,200 yuan per ton in early March (there is no actual delivery here, just hedging at maturity). If the spot price rises to 2300 yuan per ton in early May, the futures price is 2500 yuan per ton at this time. He sold the futures contract he bought before at the price of 2500 yuan in early May. At this time, the futures market gained 300 yuan and the spot price lost 300 yuan, which offset each other and avoided the price risk.
Finally, I want to say that in commodity futures, when the futures price rises, the spot price will also rise, and the futures price has the function of discovering the spot price. At this time, people can avoid danger.