Suppose You Purchase a September Cocoa Futures Contract at the Last

question 45

Multiple Choice

Suppose you purchase a September cocoa futures contract at the last price of the day as shown in the table below.What will be your profit or loss on this contract if the price turns out to be $1,707 per metric ton at expiration?
Futures:
Cocoa - 10 metric tons,$ per ton $$\begin{array} { | r | r | r | r | r | r | r | r | } \hline & \text { OPEN } & \text { HIGH } & \text { LOW } & \text { SETTLE } & \text { CHG } & \begin{array} { r } \text { LIFETIME } \\\text { HIGH }\end{array} & \begin{array} { r } \text { LIFETIME } \\\text { LOW }\end{array} \\\hline \text { July } & 1,680 & 1,703 & 1,687 & 1,691 & - 1 & 1,782 & 1,390 \\\hline \text { Sept } & 1,692 & 1,704 & 1,688 & 1,696 & - 6 & 1,912 & 1,410 \\\hline\end{array}$$

• A)$30
• B)$110
• C)$150
• D)$1,100
• E)$1,500

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