Consumer goods are generally raw materials used as a source of energy or in a production process, for example. B crude oil or iron ore. Users of these consumer goods may feel that there is an advantage to physically keeping the asset in stock instead of keeping an asset in advance. These benefits include the ability to “take advantage” of temporary bottlenecks (hedge against) and the ability to maintain a production process and are called convenience yields. Thus, for consumer assets, the relationship at the starting point is: Ia menambahkan ketika bank syariah menerima dana dalam bentuk dolar, jarang bank syariah menyalurkan pembiayaan dalam bentuk dolar pula. Biasanya dana dalam bentuk dolar disalurkan ke pembiayaan dengan mata uang rupiah. Di sini bank harus membuat forward agreement dengan nasabah pendanaan yang menempatkan dalam bentuk dolar. “Suatu saat nasabah akan ambil dananya dan harus ada pemenuhan mata uang asing tersebut, padahal kebanyakan pembiayaan tidak dalam mata uang asing tapi rupiah. Di sana terjadi currency exchange gap, maka harus ada forward agreement untuk lindung nilai pendanaan dan pembiayaan tadi,” ujar Gunawan. Note: If you look at the yield convenience page, you will see that, if there are finite assets/inventories, reverse cash and carry arbitrages are not always possible. It would depend on the elasticity of demand for futures and similar contracts. The lack of anticipated cash flow is one of the advantages of a futures contract over its forward equivalent. In particular, when the futures contract refers to a foreign currency, cash flow management is not facilitated by the non-mail (or receipt) of daily invoices.
 y % p. One. “Display style y” %p.a. is the convenience yield over the duration of the contract. Because the return on convenience is high for the asset holder, but not for the asset holder, it can be modeled as a kind of “dividend return.” However, it is important to note that convenience performance is not a solvent element, but rather reflects market expectations for future product availability. If users have low inventory on the product, this means a greater likelihood of bottlenecks, which means greater comfort yield. The opposite happens when stocks are high.  The futures market is huge, with many of the world`s largest companies using it to hedge foreign exchange and interest rate risks. But since the details of futures contracts are limited to the buyer and seller – and the public does not know – the size of this market is difficult to estimate. If these price relationships do not hold, there is a possibility of arbitration for a risk-free gain similar to the one described above. One consequence is that the existence of a futures market will require spot prices to reflect current expectations for future prices. As a result, the futures price of commodities, securities or non-perishable currencies is no longer a predictor of the future price than the spot price – the ratio of futures to spot prices is fuelled by interest rates.
For perishable commodities, the arbitration does not have it, since the final value (at maturity) of a position in advance depends on the spot price that will then precede, this contract can be considered from a purely financial point of view as a “bet on the future spot price” Suppose Bob wants to buy a house in a year. At the same time, let`s assume that Andy currently owns a $100,000 house that he wants to sell in a year.