Theoretical futures price refers to the theoretical price of commodities (including financial instruments) included in futures contracts. As we already know, futures contract is the object of futures trading, which has no value in itself, but is just a certificate of commodity ownership. Because this certificate can be bought and sold, it has its own price. In this way, this certificate becomes a kind of securities to some extent, and the trading of futures contracts is based on physical delivery. Therefore, the transaction price of futures contracts can truly reflect the actual spot value of newly traded commodities, that is, the transaction price of futures can reflect the composition and changes of theoretical futures prices. It can be seen that the theoretical futures price is the basis of futures trading value, and the former determines the latter.