Futures Pricing Calculation

XYZ Corporation operates in a volatile market and is concerned about fluctuations in the price of its primary raw material, which is currently priced at $50 per unit. To hedge against potential price increases, XYZ Corporation enters into a long futures contract for 1,000 units of this raw material. The futures contract has a delivery date in six months.

The current risk-free rate is 2%, and the storage costs associated with holding the raw material amount to 1% of the spot price per unit over the contract duration. Assume there are no dividends or convenience yields associated with this raw material.

What is the fair futures price for the contract?