Advanced Commodity Trading Techniques by J Hamon

By J Hamon

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23. Assuming there is no extension or further forward contract what is the customer's total sterling outlay? 7 On 11 January your customer High Tech PLC booked a Forward Option Contract for three months in respect of the proceeds of an Outward Bill for collection they were anticipating from Sweden. 32. Unfortunately these proceeds have not yet been received and they require a further option for another two months. The proceeds arrive on 3 June. Outline the procedure for extending the Contract by showing the amounts debited and credited to your customer's account, and state the rate of exchange for the extension.

Assuming that he covers forward for the initial deal and is not prepared to hold currency, calculate his net sterling costs. dis. dis. dis. 17 On 1 December 1983 a UK importer buys two months forward $100,000 to pay for goods to be supplied on 31 January, on which day he hears that his supplier is unable to honour the contract on time and he therefore cancels the commercial order. As exchange control regulations no longer apply in the UK he now considers the possibility of holding the $100,000 for one month on deposit with a bank, as an alternative to closing-out.

You subsequently receive the following advice on the dates stated: 30 June (1 ) Documents in order have been presented in respect of 1,990 tons under transferred credit (A), for which your customer has already provided you with the necessary substitute invoices etc. (2) The original credit has been extended to 30 Augustto provide for shipment of 1,000 tons atthe beginning of August. (You are requested on the same day similarly to extend transferred credit (B)).

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