What is the concept of basis in futures trading?

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What is the concept of basis in futures trading?

The concept of basis in futures trading refers to the difference between the spot price of a commodity or financial instrument and the futures price of that same asset. It represents the cost or benefit of holding the asset until the future delivery date. The basis can be positive, negative, or zero, depending on whether the futures price is higher, lower, or equal to the spot price. Traders analyze the basis to make informed decisions about buying or selling futures contracts.