You got it all wrong. Bear market arbitrage is to make profits when the basis is reduced, not to expand profits. The basis is to expand profits in the bull market spread. The bear market strategy is to sell one and buy another. As long as the decline in recent months is worse than that in distant months, profits will be generated, or if the increase in recent months is smaller than that in distant months, profits will be poor.

In September, Project C fell to 1.900, which was originally sold at 2,000, and suddenly generated a profit of 100 yuan per ton.1/month 1.950 yuan bought it and rose to 1.990 yuan, which generated 40 yuan per ton.

Basis = contract price in recent month-contract price in far month

The original basis was 2000- 1950=50, but now the basis is = 1900- 1990 =-90, and the basis has been weakened from the original positive 50 to -90, changing by 140 points. This is the state of maximizing income.

Never mind the bulls and bears, there will always be a contract profit and loss. According to the price of the option, calculate the profit and loss of the selling month and the profit and loss of the buying month, and add up to the largest profit, which is the best? This is the essence, and no other technical terms are needed.