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*** |