For example, a variety has two-month contracts 1009 and 101(September contract 20 10, June contract 20 1 1), if/kloc-0. Conversely, it can also be said that the September contract is discounted (low water) to 1 1 contract.

For spot price and futures price, if the spot price is higher than the futures price, it is said that the spot price is higher than the futures price (high water), or the futures price is lower than the spot price (low water); or vice versa, Dallas to the auditorium