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1、AbstractICotonis汪maoragriculturalroductsoftheworldmarketcotonfilturesisextremeljp,yprofoundonthecottonindustry.Whenthelobalmarketdidnothavethecottonfiitiiresg,cotonricesoftenfreuentluctuatedbthesuddenfactorsitisnotconducive1:0thepqyfly,no
2、rmalproductio凸andoeratio打ofcotone打terrises,moreover,itisnotconducive化theppstabilityanddevelopmentof化eglobalcotonmarket?虹recentyears,withthecontinuousmatureandthedevelopmentofthecotonfiituresmarketarticiantsaidmoreatention,ppptothefiituresriceon
3、theNewYorkICEcottonfuturesmarketandChinaZhenzhoupgcoto打futuresmarket.Withtheroductio打anddema打dofcoto打increasinChinese,pgparticipBntsofcottoafuturesmarketresearchedmoredeeplyanddetailedontherelationshipbetweenspotpriceandcotonfuturesricesChines
4、emarketandAmericanp,market,investorbehaviors,pricediscoveryandHedgingoffuturesmarket.Basedontheabovebackground,thispaperchoosestheChineseandAmerica打cotonfuturesmarketsastheresearchingobect,throughthecomarisonofthevolumejp,*tumovarateholdin
5、sriceschanescontractdesininstructureofinvestors,g,pg,gg,,us-incorrelatio。analysiscointeratio打化StGrainercausalit1:朗t化analsisg,g,gyycharacteristicsdifferencesandcontactsbetweentwomarkets.,Theresultsshowthat:therearebidirectionalrelationshipbetweenChinese
6、andAm*ericancotonfiituresmarketsbutAmericanmarketismoiesinificantthanChinese,gmarketAmericacotonfixturesmarkethastheleadinoshioninthefiinctio打of;gp^r-icediscoverhereis迁lontermeuilibriumieationshietweenthehineseandpy;tgqlpbCAmericancottonfuture
7、sprices,buttheChinesecottonfuturesmarketiseasytopromotedbytheseculativefimds,runninIrrationalinashorteriodoftime.I打recentearspgpy,Chinesecoto打futuresmarkethadbeenbeyondAmerica打inthesizeofthetransactionbut,thestabilityandftinctio凸of
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