A refiner has 250 tons of CPO in inventory. He will be holding this over the next 3 months, He intends to protect himself from a fall in the price of CPO which could cause him losses since his output price is tied to CPO prices. he has the following information: Current Inventory = 250 tons Spot price = $1100 per ton Rf = 6% per year Annual storage cost = $ 44 per ton ( 4% per annum) 3-month CPO futures = $ 1126.53 If the refiner wants to protect him from price falls, what is his net gain from the position if the CPO prices falls by 20% at maturity?