基金市场之间价格波动的传导性很弱，不存在长期均衡关系；
The price volatility between fund markets has a weak mutual transmission and no long-term stability relation.
在协整检验的基础上，建立了各变量之间的长期均衡关系模型。
On the basis of co-integration test, the article sets up the model of the long-term relationship among variables.
结果表明：中国和美国棉花期货价格存在双向引导和长期均衡关系；
The results showed that there were bi-directional relation and long-run equilibrium relationship.
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