Please answer each question with 2 paragraphs

3. Explain how the fundamental differences between futures and futures options manifest themselves in the decision as to which one to use for hedging. 4. Using the material in Beyond Hedging, please explain why the London Metals Exchange (LME) developed the North American Special Alloy (Scrap) Aluminum contract. In the same article, the author discusses how the development of the LME Aluminum futures contracts changed the way Alcoa sells aluminum to its customers. Outline some of the significant changes that has occurred as Alcoa adjusted to these contracts. 3. Explain how the fundamental differences between futures and futures options manifest themselves in the decision as to which one to use for hedging. 4. Using the material in Beyond Hedging, please explain why the London Metals Exchange (LME) developed the North American Special Alloy (Scrap) Aluminum contract. In the same article, the author discusses how the development of the LME Aluminum futures contracts changed the way Alcoa sells aluminum to its customers. Outline some of the significant changes that has occurred as Alcoa adjusted to these contracts