Phillips-Perron Unit Root Test (level)

Adj. t-Stat

Prob.*

Rotterdam

−1.63

0.47

Rosario Spot

−1.61

0.47

Rosario Futures

−1.62

0.47

Paranaguá Spot

−1.78

0.39

Dalian Futures

−1.70

0.43

China Spot

−1.12

0.71

Chicago Futures

−1.66

0.45

Phillips-Perron Unit Root Test (First Difference)

Adj. t-Stat

Prob.*

Rotterdam

−9.10

0.00*

Rosario Spot

−7.79

0.00*

Rosario Futures

−7.25

0.00*

Paranaguá Spot

−7.28

0.00*

Dalian Futures

−10.58

0.00*

China Spot

−7.87

0.00*

Chicago Futures

−7.83

0.00*

Test critical values:

1% level

−3.485115

5% level

−2.88545

10% level

−2.579598