Futures speculation refers to the futures trading behavior of buying and selling standardized futures contracts in the futures market for the purpose of obtaining the spread income. Speculators play a vital role in futures trading, finding forward prices, guiding industrial equilibrium, improving market liquidity and bearing market price risks.

Speculation can bear the price risk, and futures speculators bear the risks that hedgers try to avoid and transfer, making hedging possible; Speculation improves market liquidity. Speculators frequently open positions and hedge contracts, which increases the trading volume in the futures market, makes hedging transactions easy to clinch, and reduces the possible price fluctuations caused by traders entering and leaving the market. Speculation keeps the price system stable, and the participation of speculators promotes the price adjustment of related markets and related commodities, which is conducive to improving the supply and demand structure of commodities in different periods, making commodity prices more reasonable and maintaining the stability of the price system.