Freeport McMarap is one of the largest producers of copper in the world. It entered into a futures contract for 100,000 pounds when spot was USD3.49 per pound and USD3.57 per pound for December delivery to hedge their exposure to copper prices. Calculate their ROIC in November when the contract was offset. On the offset date, copper traded at USD3.29 in the spot and $3.26 for December delivery in the futures market. Initial margin requirement is 5% and use the spec sheet to calculate the number of contracts needed. Spec sheet should be submitted along with the answers Freeport McMarap is one of the largest producers of copper in the world. It entered into a futures contract for 100,000 pounds when spot was USD3.49 per pound and USD3.57 per pound for December delivery to hedge their exposure to copper prices. Calculate their ROIC in November when the contract was offset. On the offset date, copper traded at USD3.29 in the spot and $3.26 for December delivery in the futures market. Initial margin requirement is 5% and use the spec sheet to calculate the number of contracts needed. Spec sheet should be submitted along with the answers