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Recall that the delivery period for a commodity futures is the period of time the seller of the contract has to deliver the underlying asset

Recall that the delivery period for a commodity futures is the period of time the seller of the contract has to deliver the underlying asset to the buyer. Show that, if the futures price of a commodity is greater than the spot price during the delivery period, then there is an arbitrage opportunity. Does an arbitrage opportunity exist if the futures price is less than the spot price? Explain your answer.

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