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A commodity futures contract has 25 days to expiration. The T-Bill rate is 2%. The storage rate is 7%. Convenience yield is 0%. Is this

A commodity futures contract has 25 days to expiration. The T-Bill rate is 2%. The storage rate is 7%. Convenience yield is 0%.

Is this contract in contango or backwardation? If the futures price is $130, what is the spot price?

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