Contract Size	100 ounces
Initial margin requirement	$6,100
Maintenance margin requirement	$5500
Opening price	$1,200 per ounce
Initial contract value	$1,200 per ounce

In January 1, a trader buys 3 diamond futures contract for June delivery. The June contract rises to $1,220 per ounce in three months.

Required.

Determine the Current profit or loss and the status of the margin accounts for

1. The buyer
2. The seller

5 Marks