What is the relationship between the current price of futures and the current price of physical goods?

The spot price reflects the supply and demand relationship of the product, while futures does not reflect the supply and demand relationship of the product. The price of futures is the result of the bet between buyers and sellers on future prices, and the trading volume of futures shows It is not the transaction demand for the product, but the popularity of the product that participates in the future prediction. The greater the popularity, the more people participate in the prediction, which means that the price prediction will be more accurate to a certain extent. This has nothing to do with the supply and demand of the product. To answer your first question, what is the relationship between futures prices and spot prices? For example, futures prices are weather forecasts, spot prices are real-time temperatures, and futures are about predicted values. Logically speaking, the factors that affect price changes are still There shouldn't be any relationship before it appeared, but because spot traders will hoard when prices rise due to fluctuations in futures prices, and will sell off aggressively when prices drop, so the current spot prices are basically linked to futures, and there is a positive correlation. It is related, although the factors that really affect the spot price have not yet emerged.