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糖价大幅波动不利于糖产业链的稳定发展。确定期现价格的引导关系是白糖供求双方利用白糖期货进行套期保值交易的基本条件。白糖大宗商品交易价格是更具代表性的白糖现货价格。从长期来看,白糖期货价格与其大宗商品交易价格之间存在均衡关系,白糖期货价格在长期中受其自身和大宗商品交易价格的双重影响。从短期来看,白糖大宗商品交易价格变动对白糖期货价格变动有更大的影响力。格兰杰因果检验结果进一步证实了这种关系。
Sharp fluctuations in sugar prices are not conducive to the steady development of the sugar industry chain. Determine the relationship between the current price guidance is the sugar supply and demand sides of the use of sugar futures hedging transactions basic conditions. The price of sugar commodity trading is more representative of the spot price of sugar. In the long run, there is a trade-off between the price of sugar futures and the price of their commodities and the price of sugar futures in the long run is both affected by the price of their own trade and commodities. In the short term, changes in the price of sugar commodities have a greater impact on the price of sugar futures. Granger causality test results further confirmed this relationship.