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Describe long position in a futures contract

Describe long position in a futures (or forward) contract?
A futures (or forward) contract is a vehicle for purchasing or selling a stated amount of foreign exchange at a stated price per unit at a particular time in the future. If the long holds the contract to the delivery date, he pays the effectual contractual futures (or forward) price, regardless of whether it is an beneficial price in comparison to the spot price at the delivery date.

 

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