NO.PZ2023040201000027
问题如下：
If the price of a commodity futures contract is below the spot price, it is most likely that the:选项：
A.convenience yield exceeds storage costs. B.cost of carry exceeds the convenience yield. C.roll yield is negative.解释：
The convenience yield must exceed the cost of carry to arrive at a futures price below the spot price because the futures price is approximately equal to the spot price [(1 + r) + Storage cost – Convenience yield] and the cost of carry is defined as interest cost plus storage cost. Given that interest cost is always positive, the convenience yield must also exceed storage costs to arrive at a futures price below the spot price.如果期货价格小于spot rate，那未来的储存成本不是应该比收益高吗？
