Theoretically, futures are more expensive.

For example: If you buy a certain amount of copper now and plan to sell it or use it for yourself in 3 months, then you will have to pay a cost to store and keep the copper during these 3 months. . And if you buy a contract three months from now in the futures market, then you only need to wait until delivery in three months before you can get the spot and handle it yourself. During these 3 months, there are no fees for you.

So you can see that the futures price should be based on the spot price plus the so-called holding cost (that is, the cost you have to pay if you buy the spot and store it for 3 months), so the futures price Most of the time the price is higher than the spot price.