2017 coffee futures is $1.2575 per pound. A single contract covers 37,500 pounds. The margin requirement is $4,950. If coffee prices close in December 2017 at $1.27 per pound and I am long 1 future percentage, rounded to two decimal places. Omit the % sign. E.g., if the answer is 12.34%, write "12.34".

2017 coffee futures is $1.2575 per pound. A single contract covers 37,500 pounds. The margin requirement is $4,950. If coffee prices close in December 2017 at $1.27 per pound and I am long 1 future percentage, rounded to two decimal places. Omit the % sign. E.g., if the answer is 12.34%, write "12.34".

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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act. The detalls of the contract are given below Date of contract 1 September 2015 Close out date (maturity 4 September 2015 date) Contract price Size of contract R975 per ounce 10 futures contract, each contract represents 100 troy ounces The initial margin Maintenance margin R12,000 per contract RI1,200 per contract Over the four trading days, the gold prices were as follows Date Spot price 1* September 2015 2nd September 2015 R964 R960 3rd September 2015 R970 4th September 2015 R980 Required 1. Explain whether Chill Ltd is buying or selling futures as a hedge. 2. Demonstrate the concept of marking to market using the 10 gold futures. Do that for the buyer and the seller. Clearly show the balance in the margin account at the end of each of the four trading days. 3. Under what circumstances is (a) a short hedge and (b) a long hedge appropriate?
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