Answer: positive.

The futures price can be expressed as: ``` Futures price = Spot price × (1 + r) + (Storage costs - Convenience yield) ``` Where `r` is the short-term risk-free interest rate. - **Option A (Negative)**: If the risk-free rate is negative, the futures price would be less than the spot price, not greater. - **Option B (Zero)**: If the risk-free rate is zero, the futures price would equal the spot price, not exceed it. - **Option C (Positive)**: If the risk-free rate is positive, the futures price will exceed the spot price, as the formula simplifies to `Futures price = Spot price × (1 + r)` when storage costs equal convenience yield. This is the correct answer.

Author: LeetQuiz Editorial Team