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Sir in this question does it mean right now its July, so there is three months till future matures ie July till September,so we r calculating basis for three months and because we r doing payment on first september so that whole month is unexpired please clarify. Thanks
The purchases is on 1 September, and is 2 months from now. So now is 1 July.
September futures finish on 30 September. So you are correct that they expire in 3 months time, and that on 1 September there is one month unexpired. (We never worry about just 1 day 🙂 )
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