The forward price of a physical asset is affected by:

the spot price, the risk-free rate, carrying costs, any other cash flows from holding the asset and the volatility of spot prices

the spot price, the risk-free rate, carrying costs, any other cash flows from holding the asset and the time to maturity of the forward contract

the spot price, the risk-free rate, carrying costs and any other cash flows from holding the asset

The spot price of the asset and the market's prevailing view of the commodity's direction in the future