如题

问题如下：

When commenting on the pricing of physical commodities, Ahn is most likely correct with regard to:

选项：

A.Statement 1.

B.Statement 2.

C.Statement 3.

解释：

A is correct. As opposed to a stock or bond that receives periodic income, owning a commodity incurs transportation and storage costs, which affects the shape of the forward price curve of commodity derivative contracts.

B is incorrect. The force of arbitrage, normally forcing the convergence of the futures price and spot price at the end of the contract, may not be entirely enforced if delivery is required at a specific location and if some participants do not have the ability to make or take delivery of the commodity.

C is incorrect. The valuation of equities is based on the estimation of future profitability and cash flows, while valuation of commodities is based on a discounted forecast of future possible prices based on such factors as supply and demand of a physical item or the expected volatility of future prices.