A, B and C are three commodities traded on a futures exchange. On April 1, the settlement prices of their June and December futures contracts are given as:

A B C

JUNE 100 200 500

DECEMBER 106 212 526

Assume that in equilibrium _tF_T2= _tF_T1 (1 + _T1r_T2 ) + _T1C_T2 holds.

Given the above information, which of these commodities could possible have a convenience value?

a. none of them

b. only B

c. only C

d. only A

e. A,B and C