A refiner has $300$ tons of Crude Palms Oil $($CPO$)$ in inventory and will hold it for the next $3$ months. Current in Bursa Malaysia, one contract is $25$ metric tons. The refiner intends to protect against the falling price of CPO to prevent losses. With the following information determine, calculate: Current inventory $=300$ tons Spot price $=$ RM$3421$ per ton Annual storage cost $=4\%$ per annum $3$ months CPO futures $=$ RM$3374$ per ton $($i$)$ Refiner position to protect itself from falling CPO price. $(4$ marks$)($ii$)$ Storage cost. $(3$ marks$)($iii$)$ Gain or loss if CPO price falls $20\%.(9$ Marks$)($iv$)$ Gain or loss if CPO price rises $20\%.(9$ marks$)$