future hedge lock in rate

John,
after i watch your video regarding the tick value and lock in rate, i feel confuse with the lock in rate, if the question provide inflation or interest rate, can i estimate the future spot rate and calculate the future price by using these information?
when estimate spot rate, we need use inflation (because purchase power parity) , when estimate forward rate, we use interest rate. but sometimes, we can assume the forward rate is same as spot rate. so we can use interest rate to estimate spot rate too? is that right?

if the question have provide interest and inflation rate, can i use lock in rate which you show in video?

moreover, you substract the current future price by 0.0133 because we assume the basis risk will fall linearly to zero at the end of future

1january march
spot 1.200
]
]
]
(X)
]
]0.0133
]

future 1.16
_________ ________
basis 0.04 0.0133

Sir, we do 1.16 + 0.0133 is to find (X) and it will be the future price at march?
but it make me confuse with the estimate future price with provide spot rate

and what is mean by if we convert the contract at lock in rate (1.1733) it will give net effect of converting at sport and gain/loss on future.

and the problem is only apply to total amount contracted ? what is that mean,
sorry john, im not good in understanding.