Futures contract specifications for random length lumber and heating oil are shown below. Use the table of futures market to answer the question.

	OPEN	HIGH	LOW	SETTLE
Lumber – 110,000 board feet; Dollars per 1,000 board feet
Jan 2019	385.50	386.70	378.60	381.50
Mar	392.20	394.40	385.60	388.00
May	388.00	388.00	379.10	381.80
July	371.30	371.30	369.00	369.00
Heating Oil – 42,000 gallons; Dollars and Cents per gallon
Jan 2019	3.0799	3.0830	3.0425	3.0506
Mar	3.0360	3.0360	2.9946	3.0041
Apr	3.0047	3.0078	2.9698	2.9855

1. Suppose you are a speculator and you go short 50 contracts of the Mar 2019 lumber contract at the opening price of the day. If you reverse your position at the settle, what will be your total overall profit or loss for the day?

Answer rating: 100% (QA)

To calculate the total overall profit or loss for the day we need to consider the price movem... View the full answer