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A commodities trader observes quotes for futures contracts as follow:
| Spot Price | 321 |
|-------------------|-------|
| July, 2014 | 312 |
| October, 2014 | 310 |
| December, 2014 | 309 |
This commodity is trading:
A
As a normal futures market since the futures prices are consistent with the commodity's seasonality.
B
As an inverted futures market since more distant delivery contracts are trading at lower prices than nearer-term ones.
C
As a normal futures market because it is typical for more distant delivery contracts to trade lower than nearer-term delivery contracts.