A Futures premium occurs when a Futures contract’s price trades above the current spot price of its underlying asset — the more common scenario, generally consistent with a positive cost of carry.
Not the Same as an Options Premium
A Futures premium (Futures price above spot) is a different concept from an Options premium (the price paid to buy an Option contract) — the shared word describes two unrelated things.
Related Reading
See the full premium vs discount explanation in Futures Pricing Explained: Premium, Discount, and Cost of Carry.