Hi Pradeep,
Theoretically, spot price is supposed to be lower than futures price (asuming a positive cost of carry) and this is evident with their relationship…
Future Price = Spot Price + Cost of Carry.
The cost of carry is depended on the interest rate and time.
If market participants expect the cost of carry to increase then the premium (difference between the spot and futures) will increase.
One of the main factors that influences the cost of carry is the interest rates. Any movement in the economy which has an impact on the interest rates will have an impact on cost of carry.
Change in cost carry leads to change in the difference between futures and spot prices.
Besides few more reasons for this variation…
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General demand supply constraints
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Corporate actions like dividends, splits, bonus etc.