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There is no physical delivery in the futures contract. Why do spot trading prices fluctuate slightly while futures trading fluctuates greatly?
First of all, there are some hot money speculation funds, and they will choose the mode of quick profit to speculate anything worthy of speculation.

Therefore, the high leverage and two-way nature of futures provide great convenience for its speculation. However, if there is no physical delivery, there will be no linkage between futures and spot, and the intervention of arbitrage funds will be less, which will stabilize the price difference between futures and spot, making the futures price fluctuate very sharply, while the spot price changes little due to insufficient funds. Here is mainly the role of spot arbitrage.

Moreover, after the cancellation of futures, the funds lacked investment targets, so other varieties were chosen for investment, and rice was a very important variety at that time. Its previous futures price attracted everyone's attention, so the funds went to spot speculation.