What is the function of speculators in the futures market? Many comments, both bad and good, have been made about them. One view is that speculators perform a social function by absorbing the excesses...

What is the function of speculators in the futures market? Many comments, both bad and good, have been made about them. One view is that speculators perform a social function by absorbing the excesses (of demand and/or of supply) of the market created by hedging activities.