有色金属是当今世界期货市场中比较成熟的期货品种之一。世界上的有色金属期货交易主要集中在伦敦金属交易所、纽约商业交易所和东京工业品交易所。
运用面板协整方法分析我国有色金属期货市场现货市场的价格发现关系。
This paper analyzed the price discovery relationship between futures market and spot market of non-ferrous metals in China by using the method of panel co-integration.
因此，研究我国有色金属期货市场是否具备价格发现功能，能否使企业进行有效的套期保值和风险规避，无疑具有重要的现实意义。
So it has very important theoretical and practical value in the research of whether the non-ferrous metals futures market has price discovery function to help firms can hedge against risks.
因为成熟的期货市场可以发挥对有色金属的定价功能，期货价格往往成为现货价格的风向标。
Ripe futures markets play a role of pricing non-ferrous metal, and futures price may be weathervane to spot price.
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