Question 2: The basis difference when opening positions is-500; Basis during liquidation is-100; Excluding the handling fee and interest, the profit per ton of 400 yuan is narrowed by the futures premium.
(PS 1: This was a topic three years ago. I feel that the author of this question has no common sense at all, and I am drunk when "imported copper" is denominated in RMB. In practice, there are still a lot of exchange risk, spread risk, operational risk and time difference risk, which are far greater than the basis risk, but I guess the standard answer in the exercise book is not. )
(PS2: The second imprecise point is that Mei didn't say whether it was early or late, or she used LME, otherwise the corresponding contract of Shanghai Copper could not be confirmed after three months).
(PS3: "Agree to the contract that expires in August". In fact, no one will buy and sell the law like this. )