Three tests of the futures price and spot price for sugar in Zhengzhou and futures price at New York Board of Trade (NYBOT) indicate that sugar Market in Zhengzhou is efficient, with good price discovery function of the futures price guiding spot price.

• 摘要郑州白糖市场的期货价格、现货价格以及NYBOT市场的期货价格的三种检验表明：郑州白糖市场的期货运行是有效的，期货价格的价格发现功能发挥良好，能够引导现货价格。