The price of the futures contract is only one tenth of the spot price.
But it has to bear all the benefits and risks brought by commodity price changes.
For example, copper futures on the Shanghai Futures Exchange,
Assume that 1 ton copper is 60,000 lots, and 1 lot is 5 tons. The minimum unit for buying and selling futures is 1 lot, and the margin is 10%.
Buying and selling 1 copper futures requires 60,000 x 5 tons x10% = 30,000 yuan.
If the copper price fluctuates 1000, the fund of 30000 will become 1000 x 5 tons = 5000, which will become 35000 or 25000.