Speculators are an important part of the futures market and an essential lubricant for the futures market. Speculation enhances the liquidity of the market and bears the risk of hedging transaction transfer, which is the guarantee for the normal operation of the futures market. Its economic functions are mainly as follows:

1, bear the price risk. Futures speculators bear the risks that hedgers try to avoid and transfer, which makes hedging possible.

2. Improve market liquidity. Speculators frequently open positions to hedge contracts, which increases the trading volume in the futures market, which can not only facilitate hedging transactions, but also reduce the price fluctuations that traders may cause when entering and leaving the market.

3. Keep the price system stable. Commodity prices in various futures markets are highly correlated with the prices of different commodities. The participation of speculators promotes the price adjustment of related markets and related commodities, helps to improve the unreasonable price situation in different regions, improves the supply and demand structure of commodities in different periods, makes commodity prices more reasonable, and helps to adjust the price ratio of a commodity to related commodities to make it more reasonable, thus maintaining the stability of the price system.

4. Form a reasonable price level. Speculators buy futures at low prices, increasing demand leads to price increases, and selling futures at high prices reduces demand, thus stabilizing prices and stabilizing price fluctuations, thus forming a reasonable price level.