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Which of the statements below is INCORRECT regarding convenience yield? Convenience yield applies to commodity futures Convenience yield is a net benefit of having the

Which of the statements below is INCORRECT regarding convenience yield?

Convenience yield applies to commodity futures

Convenience yield is a net benefit of having the underlying asset on hand

When convenience yield is zero, the forward curve is in backwardation

When convenience yield is higher than the storage (carrying) cost, F < S

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