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4. On March 1 the spot price of a commodity is $1,500 and the December futures price is $1,475. On November 1 the spot price

4. On March 1 the spot price of a commodity is $1,500 and the December futures price is $1,475. On November 1 the spot price of the commodity is $1600 and the December futures price is $1590. A producer of the commodity entered into a December futures contracts on March 1 to hedge the sale of the commodity on November 1. It closed out its position on November 1. What is the effective price (after taking account of hedging) received by the company for the commodity

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