CFA考试资料答案R42 Introduction to Commodities and Commodity Derivatives - Answers.pdf

Question #1 of 15 Question ID: 1210756 Which of the following statements regarding the pricing of commodity futures contracts is most accurate? A) The arbitrage free price of a commodities futures contract is often lower than that of a nancial security futures contract due to storage costs. B) The convenience yield for a commodity is positively correlated with the futures price. C) Commodities that are subject to sudden and large demand shocks may exhibit 7 3 2 backwardation in the futures market due to signicant convenience yields. 1 q i Explanation s u Storage costs increase the price of commodities futures contracts. If a commodity is subject to m : demand shocks the benet from holding the commodity is higher and hence the higher t convenience yield may force the futures market into backwardation. Higher convenience yields a h re