Null hypothesis: the variable have a unit root

At Level

SPOT_PRICE

FUTURE_PRICE_CONTRACT

With Constant

t-Statistic

−1.3182

−1.0256

Probability

0.6229

0.7458

With Constant

& Trend

t-Statistic

−2.3664

−3.7908

Probability.

0.3971

0.0174**

Without Constant

& Trend

t-Statistic

−0.0201

0.9917

Probability

0.6759

0.9155

At First Difference

D (SPOT_PRICE)

D (FUTURE_PRICE)

With

Constant

t-Statistic

−34.7189

−29.3372

Prob.

0***

0***

With

Constant

& Trend

t-Statistic

−34.7024

−29.3349

Probability

0

0

Without

Constant

& Trend

t-Statistic

−34.7373

−29.3111

Probability

0***

0***