What is basis risk? If the spot price rises in relation to the futures price, how does this impact the parties in a long futures contract? In other words, how does basis risk increase and for which party and why? please help me

What is basis risk? If the spot price rises in relation to the futures price, how does this impact the parties in a long futures contract? In other words, how does basis risk increase and for which party and why? Edit View Insert Format Tools Table 12pt Paragraph B I U A L T2 What is basis risk? If the spot price rises in relation to the futures price, how does this impact the parties in a long futures contract? In other words, how does basis risk increase and for which party and why? Edit View Insert Format Tools Table 12pt Paragraph B I U A L T2