Futures price refers to the price that buyers and sellers reach a consensus on commodity prices at a specific point in the future according to factors such as supply and demand and market expectations. Futures prices are usually publicly released through exchanges, which is an important basis for futures market participants to make trading decisions.

The formation of futures prices is influenced by many factors, mainly including:

Market supply and demand: when market demand increases and supply decreases, prices tend to rise; On the contrary, when market demand decreases and supply increases, prices tend to fall.

Macroeconomic environment: The macroeconomic situation also has a great influence on commodity prices, such as inflation, interest rate, exchange rate and other factors can affect commodity prices.

Policies and regulations: Relevant policies and regulations formulated by the government can also affect commodity prices, such as the introduction of tariff adjustment or subsidy policies by the state.

Therefore, the futures price is different from the spot price, it is based on the expected price at a certain point in the future, and there are many different factors that will affect it.