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Kate entered into the long side of a forward contract on copper with Diana (who was on the short side). Kate and Diana agreed to

Kate entered into the long side of a forward contract on copper with Diana (who was on the short side). Kate and Diana agreed to a cash settlement rather instead of a physical delivery of copper. On the maturity date of the forward, Diana paid Kate $38 000 to settle the forward. We can conclude that the market price of copper on the maturity date was higher than the agreed upon forward price.

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