Commodity;r Futures Symbol Delivery Date Price Last time traded CC=F Cocoa Dec 20 2,48?.00 1:29PM EDT +2200 +0-89% 19,525 95,396 KC=F Co'ee Dec 20 11160 1:29PM EDT +3 .3 5 +2.93% 20,834 103,231 a. You are the General Manager of Caribbean Chocolate Limited and your Chief Operations Ofcer and Chief Financial Ofcer have just negotiated a contract to sell one thousand (1,000} tons of cocoa. It has been agreed that the price that will apply in the contract is the market [nice on December 20, 2020, Suppose the spot price today is USD$2040 per ton. Each futures contract is for the delivery of 10 tons of cocoa. Show hootT your company can hedge its position using a futures contract if i) The spot price on December 20 2020 is US$2600 per ton ii) The spot price on September 15 is US$2100_00 per ton iii) The price three months om now turns out to be $2600 per ton and the Chairman of the board is extremely upset that you did not benet 'om the upward movement in price because of the positions taken in the rtures market Write a brief memo to him explaining the actions of your Chief Operating Officer and Chief Financial Oicer