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Which of the following increases the cost of rolling a long hedge (i.e., using long futures contracts to hedge a pre-existing short position)?
I. A market shift from normal backwardation to contango. II. A market shift from contango to normal backwardation. III. Futures prices rising above the spot price. IV. Futures prices falling below the spot price. A. I and IV. B. II and III. C. II and IV. D. I and III. |