Nurul Jannah, a refiner receives an order for a large volume of refined palm oil for which she will need $11,980$ tonnes of crude palm oil as raw material in the production process. Today is November, she receives $7,780$ tonnes in the cash market at RM$2,720$ per tonnes. She decides to hedge the remaining balance of palm oil and the order is to be filled by April. The cash price is RM$2,970$ while futures quotes are as follows:

FINANCIAL DERIVATIVES

$\frac{1}{2}$

ASSIGNMENT $1$

FIV$20403$

$\backslash$table$[[$Contract$,$Contract Prices $($RM$)],[$Previous$,$Open,High,Low,Average,Settlement,Change$],[$CRUDE PALM OIL FUTURES $($FCPO$)],[$November$,2017,2,791,2,810,2,810,2,781,2,798,2,804,13],[$December$,2017,2,794,2,807,2,818,2,786,2,808,2,817,23],[$January$,2018,2,815,2,827,2,838,2,802,2,824,2,837,22],[$February$,2018,2,831,2,842,2,853,2,817,2,840,2,851,20],[$March$,2018,2,846,2,856,2,866,2,829,2,852,2,862,16],[$April$,2018,2,841,2,860,2,861,2,827,2,836,2,859,18],[$May$,2018,2,826,2,847,2,849,2,815,2,835,2,843,17],[$July$,2018,2,761,2,780,2,784,2,754,2,772,2,779,18],[$September$,2018,2,711,2,731,2,733,2,717,2,724,2,730,19],[$November$,2018,2,708,2,723,2,727,2,713,2,718,2,725,17]]$

$($Sources: Bursa Malaysia Derivatives Trading Summary, $30$ November $2017)$

However, Nurul Jannah does not have the cash to purchase the crude palm oil in the cash market at this time. She decides to hedge $100$ percent of her position to lock in the selling price in anticipation of decline crude palm oil prices in the cash market.

In April, Nurul Jannah has to purchase the crude palm oil she needs. The cash price has decline to RM$2,280$ while futures quotes are as below:

$\backslash$table$[[$Contract$,$Contract Prices $($RM$)],[$Previous$,$Open,High,Low,Average,Settlement,Change$],[$CRUDE PALM OIL FUTURES $($FCPO$)],[$February$,2018,2,514,2,500,2,504,2,482,2,491,2,490,-24],[$March$,2018,2,517,2,506,2,513,2,486,2,501,2,493,-24],[$April$,2018,2,519,2,507,2,514,2,484,2,500,2,492,-27],[$May$,2018,2,521,2,510,2,516,2,488,2,503,2,497,-24],[$June$,2018,2,518,2,510,2,513,2,486,2,500,2,492,-26],[$July$,2018,2,506,2,502,2,505,2,481,2,494,2,486,-20],[$September$,2018,2,488,2,479,2,488,2,467,2,475,2,470,-18],[$November$,2018,2,484,2,476,2,484,2,462,2,470,2,465,-19],[$January$,2019,2,511,2,492,2,492,2,489,2,492,2,492,-19],[$March$,2019,2,533,2,511,2,525,2,511,2,516,2,515,-18]]$

$($Sources: Bursa Malaysia Derivatives Trading Summary, $30$ January $2018)$

Determine the results by calculating the total profit$/$loss and effective price $($RM$/$tonne$)$ of her crude palm oil.