Futures Option Premium - Both

As far as the premium is concerned -- there is a main difference between
the futures and the option and they may be treated as two seperate cases:

A Premium:

for futures: the gap between the cash price of the
underlying commodity or index and the futures price.
(see futures contract )

for options: the per share amount the buyer pays to the seller as determined by the market. (combining the intrinsic value and the time value premium - see also intrinsic value and options contract )

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