Question 1 Read the article: Recent failures of commodities traders bear watching" Business Times editorial, 20 May 2020 Link: https://www.businesstimes.com.sg/opinion/recent-failures-of-commodities-traders- bear-watching (a) Appraise any four (4) risks that participants in commodity trading face. (20 marks) (b) Discuss four (4) ways that the losses sustained by the firms are related to their hedging efforts. (20 marks) (c) Formulate strategies to hedge risks for an oil trader using the following and discuss two (2) disadvantages for each strategy: (i) Options (11) Futures (iii) Swaps (30 marks)