Second, commodity futures involve storage and delivery, so storage costs, commodity grades and costs incurred in the delivery process will also affect their prices. (i.e. cost of ownership)
Third, nickel prefers consumer goods to investment goods. Compared with futures holders, spot holders not only enjoy the capital gains brought by commodity appreciation, but also enjoy the convenience of using commodities immediately for production and use. Futures holders only enjoy capital gains. Therefore, the size of convenience income also affects the price of futures.
At the same time, the daily futures price is affected by the supply and demand relationship of the day (that is, the buying and selling power), and the participation of market makers and arbitrage traders will also have an impact on the real-time price.