Let's take a commodity as an example - oil. Suppose there is suddenly a high demand for a 30-day oil futures contract. Will that push up the spot price on oil?
I would guess that this would affect the spot price, regardless on whether the purchasers decide to take delivery of the oil, because this would show confidence in the market
I ask this question because I have heard arguments that speculators have a negligible role in influencing high commodity prices, since they never actually change the level of production or consumption of the underlying resource.