A company entered into a June futures contracts on February 18, to hedge the purchase of copper in May. On February 18, the price of copper was S4.526 per pound and the June futures price was S4.52 per pound. Suppose on May 23, the price is S4.41 per pound and the June futures price is S4.487 per pound. It closes out its position on May 23. (1) Is it a long hedge or a short hedge?(2) What is the effective price (after taking account of hedging) for the company?