This is the most important role of futures, hedging the spot market and avoiding uncertain risks in the future. This is also the original intention of the creation of futures.
Commodity delivery is the link between the two markets. No matter how the price changes, when the delivery time approaches, the futures and spot prices will always approach. Imagine that if the futures price is higher than the spot price at the time of delivery, then someone will buy goods at a low price in the spot market and sell them at a high price in the futures market to earn the difference. If the spot price is higher than the futures, it will appear in the futures market to buy at a low price and get the spot market to sell. Because of this, once there is a loophole, someone will drill it, so by the delivery date, the futures price and spot price will always return to the same level.
Whether it is futures or spot, what really affects the price is not who affects whom, but the relationship between supply and demand of commodities. In the spot market, supply exceeds demand, prices fall, supply is less than demand, and prices rise.
In addition, although the main function of futures is to provide hedging function, it also needs the participation of speculators. Some people sell, some people buy, some people buy, some people sell. If someone wants to hedge, his position needs to be set against the market, and speculators in the market play such a role. The risk of hedging is transferred to speculators, who earn profits by risk. In addition, the more people participate in the market, the less easily the price is controlled by a few people, and the futures price is more explanatory because it is the result of the joint efforts of all parties in the market. This is another function of futures creation, the price discovery function.