It is now February 2022. A company anticipates that it will purchase 1 million pounds of copper in each of June 2022, December 2022, June 2023, and December 2023. The company has decided to use the futures contracts traded by the CME Group to hedge its risk. Contracts with maturity in July 2022, January 2023, July 2023, and January 2024 are available. One contract is for the delivery of 25,000 pounds of copper. The initial margin is $2,700 per contract and the maintenance margin is $2,025 per contract. The company's policy is to hedge 80% of its exposure. Contracts with maturities up to 13 months into the future are considered to have sufficient liquidity to meet the company's needs. Required:
Devise a hedging strategy for the company. That is, specify the company's futures trades for hedging.