Variable

Level

t-statistic

Level

P-value

Differenced

t-statistic

Differenced

P-value

MPR

−0.184310

0.6183

−6.109479

0.0000

CRUDE OIL

−0.640914

0.4382

−7.991862

0.0000

COCOA

−0.193012

0.6152

−9.244762

0.0000

GOLD

0.846189

0.8923

−10.33796

0.0000