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Why are futures prices set so high?
The price of futures is relative.

Because the futures price is the future price we are discussing.

If investors are optimistic about the market outlook and think it will be higher in the future, they are willing to buy at a high price now. Then the price will go up.

So you think the futures price is high, and it may be higher when "futures" become spot.

So the current futures price is relatively "low"?