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Interest rates have a bearing on options prices because they represent the profit or cost that could result from an alternate use of the funds used for the premium. The interest rate of the 90-day U.S. Treasury bills is often used as a guide. In practice, though, isolating the effect of interest rates on futures options premiums is difficult, if not impossible. A change in interest rates influences the net present value calculation of a premium, the cost of buying and storing a commodity, and even the commodity price.
Most of the interest rate effect will already be incorporated in the futures price through the cost of carrying the physical commodity.