When commodity prices are expected to rise, future prices are obviously higher than (at a premium) on spot prices; when they are expected to fall they are at a discount on spot prices.

• 当商品价格预期上涨时，未来的价格显然地(以升水或溢价)高于市场现货价格交易；当商品未来价格预期下跌时，它们在市场现货价格以贴水或折价交易。