NO.PZ2023041004000097
问题如下：
Brown shares selected futures contract data for three markets in which the Apex Fund invests. The futures data are presented in Exhibit 2.
Menlo Bank recently released a report on the coffee market. Brown shares the key conclusion from the report with Musicale: “The coffee market had a global harvest that was greater than expected. Despite the large harvest, coffee futures trading activity is balanced between producers and consumers. This balanced condition is not expected to change over the next year.”
Based on the key conclusion from the Menlo Bank coffee market report, the shape of the coffee futures curve in Exhibit 2 is most consistent with the:
选项：
A.insurance theory. B.theory of storage. C.hedging pressure hypothesis.解释：
The theory of storage focuses on the level of commodity inventories and the state of supply and demand. A commodity that is regularly stored should have a higher price in the future (contango) to account for those storage costs. Because coffee is a commodity that requires storage, its higher future price is consistent with the theory of storage.老师，您好！
什么是hedging pressure hypothesis 啊？谢谢！
