You might be interested to learn this is a point of some contention. There have been real markets with utterly wild and out of control futures markets where the spot seems to have happily trundled along with the fundamentals.

Like? If true it means that either the futures market are tiny or that there is a barrier to efficient arbitrage.

Chinese commodity markets have been known to be hugely volatile with huge volumes. The actual producers react by pulling out of the futures market. Which I guess might qualify as a trading strategy.