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Cash and carry arbitrage

Here is the XLS: https://www.dropbox.com/s/gv2jx7y0y4g... This illustrates the cash-and-carry (enabled by a forward price that "trades rich") and a reverse cash-and-carry (enabled by a forward price that "trades cheap"). Please note: Per normal backwardation, because the commodity has systematic risk, the forward price is less than the expected future spot price (the long forward expects a profit as compensation for bearing the risk) If the forward trades rich, we sell (short) it under the cash-and-carry and we buy the spot with borrowed money. If the forward trades cheap, we buy (long) it under the reverse and short the spot, lending the short proceeds. Discuss in our forum here: https://www.bionicturtle.com/forum/th...