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?

A. Day 2 and $8,400

B. Day 3 and $14,400

C. Day 5 and $20,000

D. Day 5 and $8,400

2.) Based on the evolution of the margin account in question 7 above, over the six days (assuming that the firm answers all margin calls and does not withdraw any excess balances), how much in total does the fabricator gain or lose on its futures position at the end of these six days?