The Sugar No. 11 contract is the world benchmark contract for raw sugar trading. The contract prices the physical delivery of raw cane sugar, free-on-board the receiver's vessel to a port within the country of origin of the sugar. On 2 May 2022, a speculator who expects the sugar price to decline sells five July 2022 No. 11 sugar futures contracts on ICE at a price of US\$0.180 per pound. The speculator closes out her futures position on 19 May 2022 at a price of US $0.140 per pound. The No. 11 sugar futures contract is written on 112,000 pounds of sugar and, for the speculator, the initial and maintenance margins are $3,010 and $2,150 per contract respectively. The daily settlement price for the July 2022 No. 11 sugar futures contract during the period between 2 May and 19 May 2022 are shown in the table below. Note futures contracts are traded only on business days. Required: (a). At the time the futures position is established on 2 May 2022, what is the minimum price movement that would generate a margin call in relation to one futures contract only? Report your answer in cents with 2 decimal places (dps). The Sugar No. 11 contract is the world benchmark contract for raw sugar trading. The contract prices the physical delivery of raw cane sugar, free-on-board the receiver's vessel to a port within the country of origin of the sugar. On 2 May 2022, a speculator who expects the sugar price to decline sells five July 2022 No. 11 sugar futures contracts on ICE at a price of US\$0.180 per pound. The speculator closes out her futures position on 19 May 2022 at a price of US $0.140 per pound. The No. 11 sugar futures contract is written on 112,000 pounds of sugar and, for the speculator, the initial and maintenance margins are $3,010 and $2,150 per contract respectively. The daily settlement price for the July 2022 No. 11 sugar futures contract during the period between 2 May and 19 May 2022 are shown in the table below. Note futures contracts are traded only on business days. Required: (a). At the time the futures position is established on 2 May 2022, what is the minimum price movement that would generate a margin call in relation to one futures contract only? Report your answer in cents with 2 decimal places (dps)