Who says they are? Speculators are betting on what costs will be, but the people selling to them are (tautologically) doing it based on what it costs now. Some

Who says they are? Speculators are betting on what costs will be, but the people selling to them are (tautologically) doing it based on what it costs now. Some speculators win, some speculators lose, but I would say they’re necessarily performing arbitrage.