Suppose that it is now January 15. A copper fabricator knows it will require 100,000 pounds of copper on May 15 to meet a certain contract. The spot price of copper is 340 cents per pound, and the futures price for May delivery is 320 cents per pound. Each contract is for the delivery of 25,000 pounds of copper. Which of the following statements is false based on the above information? Group of answer choices The fabricator can hedge its position by taking a long position in four futures contracts offered by the CME Group and closing its position on May 15. The basis for the futures contract on 15 January is -20 cents per pound. The fabricator can lock in the price of the required copper at 320 cents per pound by taking the delivery with the futures contract. Currently the copper futures market is in backwardation.