The study looked at how well commodity futures contracts for spices and base metals can be used to reduce risk. They used different time periods and found that futures prices are important for predicting spot prices in the market. For spices, nearby and far month contracts are equally good for hedging, but for base metals, there are some differences. Overall, about 40% of contracts are good for hedging. The method used to calculate hedging effectiveness didn't make a big difference in the results. Hedging is more effective for far and nearby time periods, which is important for making good hedging decisions. These findings are useful for people who manage risk, farmers, and policymakers.