Refer to the Mini-S&P contract In Figure 221. Assume the closing price for this day. a....

 

 

 

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Refer to the Mini-S&P contract In Figure 221. Assume the closing price for this day. a. If the margin requirement is 15% of the futures price times the contract multiplier of $50, how much must you deposit with your broker to trade the March maturity contract? (Round your answer to the nearest whole dollar.) Required margin deposit b. If the March futures price Increases to 2603.00, what percentage return will you earn on your investment if you entered the long side of the contract at the price shown in the figure? (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Percentage return on net investment c. If the March futures price falls by 1%, what is your percentage return? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.) Percentage return on net investment % Futures Contracts | WSJ.com/commodities Metal & Petroleum Futures Contract Open High hi lo low Copper-High (CMX)-25,000 lbs.; $per lb. Jan 2.6445 2.6460 2.6410 March 2.6500 2.6595 2.6315 Contract Open High hi lo low Settle Chg Open interest Settle Chg Open interest Coffee (ICE-US)-37,500 lbs.; cents per lb. 2.6410 -0.0105 2.6370 -0.0105 1,756 138,638 March 101.50 103.45 101.15 102.75 May 104.40 106.55 104.30 105.75 Sugar-World (ICE-US)-112,000 lbs; cents per lb. March 11.95 12.67 11.94 12.65 May 12.04 12.73 12.03 12.72 1.15 127,138 1.10 60,630 .72 389,965 .70 188,201 Gold (CMX)-100 troy oz; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Jan Feb 1287.00 1297.00 1284.90 1286.80 4.10 353 1284.10 1289.90 4.10 302,111 March May 25.40 25.40 A 25.34 25.40 .04 2,718 25.50 25.54 25.50 25.50 -.01 2,455 June 1298.90 1309.00 Aug 1310.00 1315.10 1298.50 1302.90 4.20 43,689 1307.80 Cotton (ICE-US)-50,000 lbs.; cents per lb. 1309.00 4.10 10,837 March 72.52 73.92 A 72.48 72.75 23 126,870 Dec 1317.60 1326.80 Feb 20 1327.90 1331.00 1327.30 1327.70 1317.60 1321.50 4.10 9,830 May 4.20 3,090 Palladium (NYM)-50 troy oz; $ per troy oz. March 1242.40 1249.40 1230.80 1240.20 June 1226.20 1231.90 1216.10 1224.30 5.80 4.70 24,797 3,313 73.99 Orange Juice (ICE-US)-15,000 lbs; cents per lb. Jan 121.20 122.00 121.15 121.95 March 123.75 124.80 122.85 75.23 73.92 74.10 .16 39,088 65 582 123.85 55 14,103 Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Jan 824.20 825.40 821.00 818.40 April 827.20 836.50 A 823.30 Silver (CMX)-5,000 troy oz.; $ per troy oz. -3.60 261 824.30 -2.90 85,951 Jan March 15.750 15.750 15.750 15.669 -0.026 15.800 15.880 15.680 15.756 -0.030 820 142,916 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $per bbl. Feb 48.22 49.79 A 48.11 48.52 March 48.49 50.11 A 48.44 48.82 April 48.85 50.47 A 48.80 49.17 May 49.32 50.90 A 49.32 49.60 0.50 0.56 367,400 0.54 319,791 0.52 136,259 115,849 June 49.79 51.33 A 49.72 50.04 0.48 229,259 Dec 51.32 52.77A 51.30 51.48 0.40 191,808 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb March 1.7691 1.7775 1.8245 1.7764 1.7784 1.8160 1.7690 1.7714 .0092 .0104 109,341 73,598 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 1.3585 1.3945 1.3389 1.3408 March 1.3716 1.4080 1.3524 1.3541 Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu. -0070 -.0077 120,856 88,591 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 146-230 147-170 146-040 146-160 -12.0 June 146-160 146-190 145-300 145-270 -13.0 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 122-060 122-150 121-290 122-015 -8.0 4,102,583 June 122-150 122-240 122-065 122-105 -7.5 2,418 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 114-215 114-280 114-155 114-187 -5.5 4,590,715 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 106-045 106-065 106-010 106-025 -2.7 2,552,998 30 Day Federal Funds (CBT)-$5,000,000: 100-day avg. Jan 97.600 97.600 97.598 97.598 -002 317,562 April 97.605 97.615 97.600 97,605 -.005 310,713 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 102.766 102.797 102.297 102.391 -219 27,938 1 Month Libor (CME)-$3,000,000; pts of 100% Jan 949,992 61 97.4875 .0075 535 Feb 2.932 2.994 2.910 March 2.812 2.886 2.793 April 2.650 2.708 2.640 May 2.637 2.687 2.625 2.944 -100 174,258 2.847 -.058 270,970 2.677 -.011 148,613 2.662 -.002 132,474 Eurodollar (CME) $1,000,000; pts of 100% Jan 97.2300 97.2375 97.2250 97.2300 March 97.2850 97.3150 97.2850 97.3000 June 97.3050 97.3450 97.2900 97.3150 1,252,674 Dec 97.3650 97.4100 97.3250 97.3550 0250 1,740,407 .0050 268.383 .0050 1,429,121 July 2.718 2.765 2.708 Oct 2.710 2.761 2.698 2.751 2.746 -.007 -.016 62,540 105,445 Currency Futures Oct 2.710 2.761 2.698 2.751 -.016 105,445 Currency Futures Agriculture Futures Corn (CBT)-5,000 bu; cents per bu. March 382.25 384.00 381.75 July 397.50 399.00 397.00 Oats (CBT)-5,000 bu.; cents per bu. March 279,50 280.25 276.50 May 279.50 279.50 274.00 Soybeans (CBT)-5,000 bu; cents per bu. Jan 909.50 915.75 909.50 912.25 March 921.00 927.75 920.75 924.25 Soybean Meal (CBT)-100 tons.; $per ton. Jan 316.00 319.30 316.00 March 319.40 323.30319.20 322.20 Soybean Oil (CBT)-60,000 lbs; cents per lb. Jan 28.47 28.55 28.26 March 28.70 28.80 28.47 Rough Rice (CBT)-2,000 cwt; $ per cwt. Japanese Yen (CME) 12,500,000; $ per 100% Jan 9228 March 9272 9257 9310 9211 9247 9213-0008 .9259-0009 1,190 222,921 382.25 397.50 -.75 751,642 -75 242,635 Canadian Dollar (CME) CAD 100,000; $ per CAD Jan March .7479 .7530 .7479 7522 .0054 723 .7484 .7544 7484 .7533 .0054 166,071 279.50 -.50 276.00 -4.25 4.124 638 British Pound (CME)-62,500; $per Jan 2.75 2.75 3,422 337,323 1.2747 1.2775 1.2729 March 1.2780 1.2832 1.2764 1.2815 Swiss Franc (CME)-CHF 125,000; $ per CHF 1.2775 .0031 2,616 .0031 204,679 March 1.0206 1.0285 1.0200 1.0277 0071 66,727 June 1.0330 1.0369 1.0292 1.0368 .0071 95 318.20 3.10 1,798 Australian Dollar (CME)-AUD 100,000: $ per AUD 3.20 193,399 Jan 7125 .7150 7124 7143 .0026 331 Feb .7135 7148.7135 7147 0026 680 28.26 -.15 972 March 7129 7158 7122 7150 0026 124,074 28.51 -.13 219,566 April 7144 7149 7144 7153 .0026 253 June .7133 .71607133 .7160 .0027 661 March 1048.00 1059.00 1048.00 May 1071.50 1083.50 A 1071.50 1066.50 18.50 7,164 Sept 7147 7161 7147 7169 .0026 121 1082.50 18.50 102 Wheat (CBT)-5,000 bu; cents per bu. March 518.00 518.50 513.50 July 530.50 530.50 525.50 Wheat (KC)-5,000 bu.; cents per bu. March 506.25 507.25 500.50 May 517.50 518.75 512.00 Wheat (MPLS)-5,000 bu.; cents per bu. March 570.25 572.00 565.50 May 575.50 577.25 570.75 573.25 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Jan 144.600 146.325 144.200 146.000 March 142.150 144.425 142.000 143.900 Cattle-Live (CME)-40,000 lbs.; cents per lb. 516.75 527.00 -25 -2.50 229,028 76,657 Mexican Peso (CME)-MXN 500,000; $ per MXN March 05107 05129 05084 05113 June .04890 04905 04887 .00014 161,111 05035 00013 35 503.00 -3.00 514.50 -3.00 182,341 55,722 Euro (CME)-125,000; $ per Jan 1.1415 1.1488 1.1415 March 1.1475 1.1551 1.1471 1.1486 .0079 1.1547 1,938 .0079 489,919 Index Futures 568.00 -2.25 33,947 -2.25 13,177 1.100 8,483 1.075 25,193 Feb 121.800 123.400 121.425 123.200 April 123.850 125.375 123.500 125.075 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb 61.950 62.150 61.250 61.900 April 66.700 66.900 65.825 66.375 1.275 129,414 1.075 115,863 -.050 -.375 79,843 Mini DJ Industrial Average (CBT)-15 x index March 23470 2366823279 Dec 23523 23686 23350 S&P 500 Index (CME)-$250 x index March 2536.70 2567.00 2525.00 Mini S&P 500 (CME)-$50 x index March 2537.25 2567.50 2523.25 June 2540.25 2571.25 2528.50 Mini S&P Midcap 400 (CME)-$100 x index March 1690.00 1717.10 1679.20 1703.30 23512 117 23530 118 72,535 544 2550.60 19.30 39.216 2550.50 2555.00 19.20 2,634,252 19.40 27,554 17.70 69.276 60,839 Jan Lumber (CME)-110,000 bd.ft; $per 1,000 bd. ft. 326.20 326.20 323.00 324.80 1.20 March 332.20 333.00 328.00 330.80 .90 398 2,724 June Milk (CME)-200,000 lbs; cents per lb. Jan 14.16 14.26 14.12) 14.14 -11 4,391 Mini Nasdaq 100 (CME)-$20 x index March 6451.3 6535.86402.5 6471.5 6557.0 6427.0 Mini Russell 2000 (CME)-$50 x index March 1384.40 1414.60 1375.80 June 1391.60 1417.90 1386.80 6496.5 62.5 196,948 6520.8 63.8 1,350 1405.90 24.30 1410.50 25.00 465,350 534 Feb 14.72 14.73 14.55 14.57 -.17 4,095 Cocoa (ICE-US)-10 metric tons; $ per ton. March 2,362 2,413 May 2,395 2,449 2,356 2,394 2,410 49 2,447 49 96,443 51,809 Mini Russell 1000 (CME)-$50 x index March 1402.00 1418.90 1402.00 1409.80 U.S. Dollar Index (ICE-US) $1,000 x index March 95.71 95.73 96.20 95.23 -.52 June 95.08 95.08 94.75 94.74 -.51 10.70 7,664 57,402 945 Refer to the Mini-S&P contract In Figure 221. Assume the closing price for this day. a. If the margin requirement is 15% of the futures price times the contract multiplier of $50, how much must you deposit with your broker to trade the March maturity contract? (Round your answer to the nearest whole dollar.) Required margin deposit b. If the March futures price Increases to 2603.00, what percentage return will you earn on your investment if you entered the long side of the contract at the price shown in the figure? (Do not round Intermediate calculations. Round your answer to 2 decimal places.) Percentage return on net investment c. If the March futures price falls by 1%, what is your percentage return? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.) Percentage return on net investment % Futures Contracts | WSJ.com/commodities Metal & Petroleum Futures Contract Open High hi lo low Copper-High (CMX)-25,000 lbs.; $per lb. Jan 2.6445 2.6460 2.6410 March 2.6500 2.6595 2.6315 Contract Open High hi lo low Settle Chg Open interest Settle Chg Open interest Coffee (ICE-US)-37,500 lbs.; cents per lb. 2.6410 -0.0105 2.6370 -0.0105 1,756 138,638 March 101.50 103.45 101.15 102.75 May 104.40 106.55 104.30 105.75 Sugar-World (ICE-US)-112,000 lbs; cents per lb. March 11.95 12.67 11.94 12.65 May 12.04 12.73 12.03 12.72 1.15 127,138 1.10 60,630 .72 389,965 .70 188,201 Gold (CMX)-100 troy oz; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Jan Feb 1287.00 1297.00 1284.90 1286.80 4.10 353 1284.10 1289.90 4.10 302,111 March May 25.40 25.40 A 25.34 25.40 .04 2,718 25.50 25.54 25.50 25.50 -.01 2,455 June 1298.90 1309.00 Aug 1310.00 1315.10 1298.50 1302.90 4.20 43,689 1307.80 Cotton (ICE-US)-50,000 lbs.; cents per lb. 1309.00 4.10 10,837 March 72.52 73.92 A 72.48 72.75 23 126,870 Dec 1317.60 1326.80 Feb 20 1327.90 1331.00 1327.30 1327.70 1317.60 1321.50 4.10 9,830 May 4.20 3,090 Palladium (NYM)-50 troy oz; $ per troy oz. March 1242.40 1249.40 1230.80 1240.20 June 1226.20 1231.90 1216.10 1224.30 5.80 4.70 24,797 3,313 73.99 Orange Juice (ICE-US)-15,000 lbs; cents per lb. Jan 121.20 122.00 121.15 121.95 March 123.75 124.80 122.85 75.23 73.92 74.10 .16 39,088 65 582 123.85 55 14,103 Platinum (NYM)-50 troy oz.; $ per troy oz. Interest Rate Futures Jan 824.20 825.40 821.00 818.40 April 827.20 836.50 A 823.30 Silver (CMX)-5,000 troy oz.; $ per troy oz. -3.60 261 824.30 -2.90 85,951 Jan March 15.750 15.750 15.750 15.669 -0.026 15.800 15.880 15.680 15.756 -0.030 820 142,916 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $per bbl. Feb 48.22 49.79 A 48.11 48.52 March 48.49 50.11 A 48.44 48.82 April 48.85 50.47 A 48.80 49.17 May 49.32 50.90 A 49.32 49.60 0.50 0.56 367,400 0.54 319,791 0.52 136,259 115,849 June 49.79 51.33 A 49.72 50.04 0.48 229,259 Dec 51.32 52.77A 51.30 51.48 0.40 191,808 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb March 1.7691 1.7775 1.8245 1.7764 1.7784 1.8160 1.7690 1.7714 .0092 .0104 109,341 73,598 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 1.3585 1.3945 1.3389 1.3408 March 1.3716 1.4080 1.3524 1.3541 Natural Gas (NYM)-10,000 MMBtu; $ per MMBtu. -0070 -.0077 120,856 88,591 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 146-230 147-170 146-040 146-160 -12.0 June 146-160 146-190 145-300 145-270 -13.0 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 122-060 122-150 121-290 122-015 -8.0 4,102,583 June 122-150 122-240 122-065 122-105 -7.5 2,418 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 114-215 114-280 114-155 114-187 -5.5 4,590,715 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% March 106-045 106-065 106-010 106-025 -2.7 2,552,998 30 Day Federal Funds (CBT)-$5,000,000: 100-day avg. Jan 97.600 97.600 97.598 97.598 -002 317,562 April 97.605 97.615 97.600 97,605 -.005 310,713 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 102.766 102.797 102.297 102.391 -219 27,938 1 Month Libor (CME)-$3,000,000; pts of 100% Jan 949,992 61 97.4875 .0075 535 Feb 2.932 2.994 2.910 March 2.812 2.886 2.793 April 2.650 2.708 2.640 May 2.637 2.687 2.625 2.944 -100 174,258 2.847 -.058 270,970 2.677 -.011 148,613 2.662 -.002 132,474 Eurodollar (CME) $1,000,000; pts of 100% Jan 97.2300 97.2375 97.2250 97.2300 March 97.2850 97.3150 97.2850 97.3000 June 97.3050 97.3450 97.2900 97.3150 1,252,674 Dec 97.3650 97.4100 97.3250 97.3550 0250 1,740,407 .0050 268.383 .0050 1,429,121 July 2.718 2.765 2.708 Oct 2.710 2.761 2.698 2.751 2.746 -.007 -.016 62,540 105,445 Currency Futures Oct 2.710 2.761 2.698 2.751 -.016 105,445 Currency Futures Agriculture Futures Corn (CBT)-5,000 bu; cents per bu. March 382.25 384.00 381.75 July 397.50 399.00 397.00 Oats (CBT)-5,000 bu.; cents per bu. March 279,50 280.25 276.50 May 279.50 279.50 274.00 Soybeans (CBT)-5,000 bu; cents per bu. Jan 909.50 915.75 909.50 912.25 March 921.00 927.75 920.75 924.25 Soybean Meal (CBT)-100 tons.; $per ton. Jan 316.00 319.30 316.00 March 319.40 323.30319.20 322.20 Soybean Oil (CBT)-60,000 lbs; cents per lb. Jan 28.47 28.55 28.26 March 28.70 28.80 28.47 Rough Rice (CBT)-2,000 cwt; $ per cwt. Japanese Yen (CME) 12,500,000; $ per 100% Jan 9228 March 9272 9257 9310 9211 9247 9213-0008 .9259-0009 1,190 222,921 382.25 397.50 -.75 751,642 -75 242,635 Canadian Dollar (CME) CAD 100,000; $ per CAD Jan March .7479 .7530 .7479 7522 .0054 723 .7484 .7544 7484 .7533 .0054 166,071 279.50 -.50 276.00 -4.25 4.124 638 British Pound (CME)-62,500; $per Jan 2.75 2.75 3,422 337,323 1.2747 1.2775 1.2729 March 1.2780 1.2832 1.2764 1.2815 Swiss Franc (CME)-CHF 125,000; $ per CHF 1.2775 .0031 2,616 .0031 204,679 March 1.0206 1.0285 1.0200 1.0277 0071 66,727 June 1.0330 1.0369 1.0292 1.0368 .0071 95 318.20 3.10 1,798 Australian Dollar (CME)-AUD 100,000: $ per AUD 3.20 193,399 Jan 7125 .7150 7124 7143 .0026 331 Feb .7135 7148.7135 7147 0026 680 28.26 -.15 972 March 7129 7158 7122 7150 0026 124,074 28.51 -.13 219,566 April 7144 7149 7144 7153 .0026 253 June .7133 .71607133 .7160 .0027 661 March 1048.00 1059.00 1048.00 May 1071.50 1083.50 A 1071.50 1066.50 18.50 7,164 Sept 7147 7161 7147 7169 .0026 121 1082.50 18.50 102 Wheat (CBT)-5,000 bu; cents per bu. March 518.00 518.50 513.50 July 530.50 530.50 525.50 Wheat (KC)-5,000 bu.; cents per bu. March 506.25 507.25 500.50 May 517.50 518.75 512.00 Wheat (MPLS)-5,000 bu.; cents per bu. March 570.25 572.00 565.50 May 575.50 577.25 570.75 573.25 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Jan 144.600 146.325 144.200 146.000 March 142.150 144.425 142.000 143.900 Cattle-Live (CME)-40,000 lbs.; cents per lb. 516.75 527.00 -25 -2.50 229,028 76,657 Mexican Peso (CME)-MXN 500,000; $ per MXN March 05107 05129 05084 05113 June .04890 04905 04887 .00014 161,111 05035 00013 35 503.00 -3.00 514.50 -3.00 182,341 55,722 Euro (CME)-125,000; $ per Jan 1.1415 1.1488 1.1415 March 1.1475 1.1551 1.1471 1.1486 .0079 1.1547 1,938 .0079 489,919 Index Futures 568.00 -2.25 33,947 -2.25 13,177 1.100 8,483 1.075 25,193 Feb 121.800 123.400 121.425 123.200 April 123.850 125.375 123.500 125.075 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb 61.950 62.150 61.250 61.900 April 66.700 66.900 65.825 66.375 1.275 129,414 1.075 115,863 -.050 -.375 79,843 Mini DJ Industrial Average (CBT)-15 x index March 23470 2366823279 Dec 23523 23686 23350 S&P 500 Index (CME)-$250 x index March 2536.70 2567.00 2525.00 Mini S&P 500 (CME)-$50 x index March 2537.25 2567.50 2523.25 June 2540.25 2571.25 2528.50 Mini S&P Midcap 400 (CME)-$100 x index March 1690.00 1717.10 1679.20 1703.30 23512 117 23530 118 72,535 544 2550.60 19.30 39.216 2550.50 2555.00 19.20 2,634,252 19.40 27,554 17.70 69.276 60,839 Jan Lumber (CME)-110,000 bd.ft; $per 1,000 bd. ft. 326.20 326.20 323.00 324.80 1.20 March 332.20 333.00 328.00 330.80 .90 398 2,724 June Milk (CME)-200,000 lbs; cents per lb. Jan 14.16 14.26 14.12) 14.14 -11 4,391 Mini Nasdaq 100 (CME)-$20 x index March 6451.3 6535.86402.5 6471.5 6557.0 6427.0 Mini Russell 2000 (CME)-$50 x index March 1384.40 1414.60 1375.80 June 1391.60 1417.90 1386.80 6496.5 62.5 196,948 6520.8 63.8 1,350 1405.90 24.30 1410.50 25.00 465,350 534 Feb 14.72 14.73 14.55 14.57 -.17 4,095 Cocoa (ICE-US)-10 metric tons; $ per ton. March 2,362 2,413 May 2,395 2,449 2,356 2,394 2,410 49 2,447 49 96,443 51,809 Mini Russell 1000 (CME)-$50 x index March 1402.00 1418.90 1402.00 1409.80 U.S. Dollar Index (ICE-US) $1,000 x index March 95.71 95.73 96.20 95.23 -.52 June 95.08 95.08 94.75 94.74 -.51 10.70 7,664 57,402 945