提问

问题如下：

All else being equal, commodity futures prices will increase as a result of a decrease in the:

选项：

A.risk-free rate. B.storage costs. C.convenience yield.

解释：

C is correct because "Futures price ≈ Spot price(1 + r) + Storage costs − Convenience yield, where r is the period’s short-term risk-free interest rate… We recognize that the buyer of the futures contract has no immediate access to the commodity and, therefore, cannot benefit from it, and so the futures price is adjusted for the loss of convenience, a value that varies. For example, the convenience yield from possessing heating oil in in Finland during the winter is higher than the convenience yield from possessing heating oil in Finland during the summer."