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(20 17 real question) The following statement about spot arbitrage trading is incorrect ().
Answer: d

Item D When the futures price is much lower than the normal level, that is, the spread is much lower than the position fee, the arbitrageur can sell the spot and buy the relevant futures contract at the same time. When the contract expires, the spot obtained by delivery will be used to supplement the spot sold before. The price difference loss is less than the saved position fee, resulting in profit.