期货理论是对期货交易行为的理论反映，其核。心是期货价格的决定问题。传统的期货交易主要是为购买或销售期货商品，是在现货交易基础上进一步发展起来的商品买卖活动，反映这一活动的古典期货理论是持有成本论和供求均衡论。现代期货交易已经基本上脱离了商品实物的买卖，成 Futures theory is a theoretical reflection of futures trading behavior, its nuclear. Heart is the issue of the decision of the futures price. The traditional futures trading is mainly for the purchase or sale of futures products, is based on the spot transaction to further develop the commodity trading activities, reflecting the classic futures theory of this activity is the cost of ownership and supply and demand balance theory. Modern futures trading has basically been out of the physical trade, into