Freeport McMoran is one of the largest producers of copper in the world. It enters a futures contract for $100,000$ pounds when spot was USD$3\mathrm{.}59$ per pound and USD$3\mathrm{.}67$ 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 USD$3\mathrm{.}49$ in the spot and $$3\mathrm{.}46$ 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.COPPER FUTURES $-$ CONTRACT SPECS