Investopedia

Convergence

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Dictionary Says

Definition of 'Convergence'

A movement in the price of a futures contract toward the price of the underlying cash commodity. At the start, the contract price is higher because of the time value.
Investopedia Says

Investopedia explains 'Convergence'

As a futures contract nears expiration, the futures price and the cash price converge to eventually become the same price (usually).

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