The connection between the two: affected by the supply and demand factors of the same commodity, the two are integrated in the delivery month and are essentially the same price.

The difference between the two:

1. Time difference: the spot price generally refers to the current spot price, and the futures price is the forward price;

2. The difference between standardization: the spot price is a specific price, while the futures price is a standardized price.

1. What is the relationship between the futures price and the spot price?

In the final analysis, the convergence of futures prices to spot prices conforms to a basic principle of finance: the principle of no arbitrage.

Arbitrage is the act of taking advantage of the price difference between two or more markets to obtain benefits. For example, buy an asset at a lower price in one market and then sell it at a higher price in another market.

Why do futures prices eventually converge to spot prices? The reason is that in the last few days of futures delivery, if there is a significant difference between futures prices and spot prices, there will be opportunities for arbitrage.

For example, when there are five days before delivery, the price of futures bills is 50 yuan and the spot is 60 yuan. Then if I estimate that the spot price will not change much in the next five days, I can buy futures to pay the bill, then take the goods at the time of delivery and sell them at the spot price. In this way, arbitrage is realized. If everyone finds an arbitrage opportunity, they will go back to buy this futures order, which will lead to an increase in futures prices, thus reducing the space for arbitrage. Until the price reaches the level that everyone expects no arbitrage, that is, the futures price converges.

Second,

Spot price is the contract price reached by both parties to the transaction of buying and selling actual goods according to the principle of fairness. It is the transaction price reached by buyers and sellers through one-on-one negotiation. Generally speaking, due to the closed or semi-closed spot transaction, the spot price is a regional price, and sometimes it has a certain fraud monopoly. But also provides a lagging price signal for producers to adjust their output, which makes production more blind and volatile. In the normal dynamic market, the futures price is the main factor affecting the spot price, which can be approximately summarized as the following formula:

Spot price = futures price-inventory cost