A copper fabricator decides to enter into 4 long March futures contracts on copper. Each contract is for the delivery of 15,000 lbs. The current futures price is 352/lb. and the initial margin is $5000 per contract with the maintenance margin being 75% of the initial margin. Suppose that over the next 6 trading days the following settlement prices are recorded: F1 = 354, F2 = 338, F3 = 328,F4 = 345,F5 = 365, F6 = 345.On what day does the firm receive its first margin call and how much is the variation margin?

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