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Problem 3.30 Use the following information for this question. Suppose a company decided in April 2020 to secure the purchase of 1,200,000 pounds of copper

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Problem 3.30 Use the following information for this question. Suppose a company decided in April 2020 to secure the purchase of 1,200,000 pounds of copper in March 2022. The company further decided to use futures to hedge its risk. Note that one contract is for the delivery of 25,000 pounds of copper. Due to liquidity considerations, the company began with the Sep 2020 futures, and then rolled over the entire exposure into Mar 2021 futures, and continued by rolling over into the Sep 2021 and finally the Mar 2022 futures. In March 2022, the company closed out its futures position and bought the copper: Calculate the cash flows for each of the rollovers, and the all-in price of the copper (not including daily settlement) as a total, and on a per-pound basis

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