传统商品期货定价理论对价格系统中的价格联动及其结构未给予充分重视，致使理论模型难以与现实价格联动现象相兼容。 在理论方面，通过融合库存理论和风险溢价理论，从宏观基本面、商品间经济联系、交易行为、市场摩擦等角度为商品市场价格联动提供经济学解释，探讨商品市场价格联动及其结构的形成，并且构造统计检验方案。进而，借助商品仿射期限结构理论和风险中性定价思路，结合中国商品市场特定的信息传递过程，在商品市场价格联动的基础上，构建多商品期货定价理论。在实证方面，采集中国大宗商品市场数据，就中国商品市场的价格联动结构和均衡回复进行实证观察，对多商品期货定价模型进行参数估计和实证检验，建立中国多商品期货定价机制。 研究旨在发展商品期货定价理论，并从期货市场角度致力于完善中国商品市场价格机制。

Traditional pricing models of commodity futures put very limited emphasis on the comovement in commodity prices, which makes futures pricing model inconsistent with the actual comovement in commodity prices. Theoretically, by integrating the theory of storage with the theory of risk premium, this study constructs economic model to explore the comovement in commodity prices, from the point of macroeconomic factors, economic relations, trading strategies, and market friction, and then provides statistical test on the prices comovement. Furthermore, under the commodity affine term structure models and risk neutral pricing theory, this study develops the multi-commodity futures pricing model based on the comovement in commodity prices. Empirically, data from china commodity markets will be collected, the comovement in commodity prices and mean reversion in equilibrium prices be studied, and the parameters of multi-commodity futures pricing model be estimated. This study helps to enrich the literatures of commodities futures pricing model, and to improve the pricing mechanism of china commodity markets.