It is now October 2007. A company anticipates that it will purchase 1 million pounds of copper in each of February 2008, August 2008, February 2009, and August 2009. The company has decided to use the futures contracts traded in the COM EX division of the New York Mercantile Exchange to hedge its risk. One contract is for the delivery of 25,000 pounds of copper. The initial margin is $2,000 per contract and the maintenance margin is $1,500 per contract. The company's policy is to hedge 80% of its exposure. Contracts with maturities up to 13 months into the future are considered to have sufficient liquidity to meet the company's needs. Devise a hedging strategy for the company.