Test whether the gold and copper futures markets are at full carry $($i$.$e$.$ whether the convenience value is approximately zero$)$ by examining the relationship on October $12,1988$ between the December $1988$ and February $1989$ gold futures settlement prices and the December $1988$ and March $1989$ copper futures settlement prices.

Assume the following:

$(1)$ The holding period between the gold contracts is two months and the holding period between the copper contracts is three months.

$(2)$ The three$-$month T$-$Bill rate implied by the October $12,1988T-$bill futures contract was $7\mathrm{.}36\%.$

$(3)$ The storage costs for gold is $$\frac{6}{?}$ month plus a $$14$ one$-$time transfer fee for the gold covered by each gold futures contract.

$(4)$ The storage costs for copper is $$39\mathrm{.}50/$month plus a $$3\mathrm{.}95$ one$-$time transfer fee for the copper covered by each copper futures contract.

$(5)$ The costs in $(3)$ and $(4)$ are paid when the metal is taken out of storage.

Commodity Futures Transactions Prices, October $12,1988$