Futures prices can fluctuate before the delivery date, and may rise or fall. However, as the delivery date approaches, it will inevitably converge and eventually converge to the spot price.

The value of futures includes time value and spot value. On the delivery date, the time value becomes 0, and the futures price is equal to the spot price.

On the non-delivery date, if the futures price deviates greatly from the spot price, there will inevitably be a large number of arbitrage opportunities, arbitrage transactions will increase immediately, and this part of the profits will be dug away, and the futures price will be pulled back to the normal track.