Speculators use the price difference of the same commodity in different delivery periods in the same market to buy futures contracts in one delivery month and sell similar futures contracts in another delivery month, thus making profits.

2. Cross-market arbitrage

Speculators take advantage of the different futures prices of the same commodity in different exchanges, and buy and sell futures contracts in two exchanges at the same time to profit from them.

3. Cross-variety arbitrage

The so-called cross-commodity arbitrage refers to arbitrage by using the futures price difference between two different but interrelated commodities, that is, buying (selling) a futures contract of one commodity in a certain delivery month and selling (buying) another futures contract and another related commodity in the same delivery month at the same time.