Futures premium and spot premium are ancient concepts in futures theory, which have a history of several decades. Keynes and Hicks are the representatives who first put forward the concept of retreat, which is called "Keynes-Hicks theory" in history. It means that there are two kinds of participants in the futures market, one is the hedger and the other is the speculator. Because hedgers can eliminate risks through the futures market, they must give up some benefits to attract speculators to take the initiative to bear such risks. This gives up some interests, that is, the futures price is lower than the expected value of the spot price at the time of delivery, and the difference is the interests of speculators. Later empirical research proved that Keynes-Hicks' observation was wrong, which resulted in many new theoretical explanations.

It can be seen that the exact meaning of spot premium refers to the negative deviation between the expected value of futures price and future spot price; Futures premium is the antonym of spot premium. Almost all documents related to storage and futures will discuss this relationship.

Futures premium: the forward price is higher than the recent price. Under normal circumstances, the market is generally in a premium state, because the goods delivered in the future will have interest and storage costs, so it will be higher than in the near future. However, there may be a discount in the futures market in March, which is what we often say, because of short-term short-term supply and demand gap, emergencies and other factors.