It is now September $2015.$ A company anticipates that it will purchase $1$ million pounds of copper in July $2016.$ The company has decided to use the futures contracts traded in the COMEX division of the CME Group to hedge its risk. One contract is for the delivery of $25,000$ pounds of copper. The company's policy is to hedge $100\backslash \%$ of its exposure. Contracts with maturities up to $13$ months into the future are considered to have sufficient liquidity to meet the company's needs. The following contracts are available on copper $($prices are in CENTS per pound$).\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|$l$|\}\backslash$hline Date & "Sep $15"$ & "Jan $-16"$ & "Jul $-16"\backslash \backslash \backslash$hline Spot Price & $321$ & $324$ & $327\backslash \backslash \backslash$hline Feb $2016$ futures price & $321\mathrm{.}4$ & $324\mathrm{.}2$ & $\backslash \backslash \backslash$hline Aug $2016$ futures price & & $325\mathrm{.}1$ & $327\mathrm{.}9\backslash \backslash \backslash$hline $\backslash$end$\{$tabular$\}($a$)$ In September $2015,$ how many contracts need to be entered? Enter whole number of contracts $--($b$)$ For part $($a$)$ indicate if the position is a long or short position. Enter short or long $($use all lowercase characters with no spaces$)--($c$)$ Calculate the total Profit or Loss from the futures hedges in July $2016$ when the hedges are closed. Note you want the total amount accounting for the size of the position, not a profit loss per pound of copper. Enter answer in dollars $($NOT CENTS$)$ and do not use the $\backslash$$ sign or commas. $---($d$)$ Calculate the net total effective cost of purchasing $1$ million pounds of copper on July $2016.$ Enter answer in dollars and do not use the $\backslash$$ sign or commas. $--.$