Research on the price discovery function of lithium carbonate futures market in China
Since the lithium carbonate futures appeared on the market,its price discovery function has played an important role in guiding the healthy development of lithium carbonate spot market.This paper takes the price of China's lithium carbonate futures market as the research object,selects the trading data of China's lithium car-bonate futures and spot market from July 21,2023 to August 21,2024,establishes a vector error correction model,explores the dynamic adjustment relationship between lithium carbonate futures and spot market prices,and combines three models:Common factor share model,information share model,and information leading share model to calculate the price contribution of the lithium carbonate futures market.The results show that China's lithium carbonate futures market price is the Granger cause of spot market prices.The lithium carbonate futures market responds more quickly to new information,plays a leading role in price discovery,and has become an ef-fective reference for lithium carbonate spot price,which helps to promote the stability of lithium carbonate price and the healthy development of lithium battery enterprises.
lithium carbonate futuresprice discoverycommon factor share modelinformation share modelin-formation leading share model
万方数据
维普
