大商所的棕榈油期货价格发现功能对棕榈油最大进口国的中国来说意义重大。文章回答了“大商所棕榈油期货是否具有价格发现功能”这一疑问。选择代表性强的合约为研究对象,采用ECM模型分三个阶段研究了不同时期我国棕榈油期货市场的价格发现效率。结果发现我国棕榈油期货市场正逐步走向成熟,目前已具备价格发现的功能并且价格发现有效率。 DCE’s palm oil futures price discovery function is of great significance to China, the largest importer of palm oil. The article answered the question, “Does CMO palm oil futures have a price discovery function?” Select the representative of a strong contract for the study, the use of ECM model in three stages studied in different periods of China’s palm oil futures market price discovery efficiency. The results showed that China’s palm oil futures market is gradually maturing, now has the function of price discovery and the price found to be efficient.