The main objective of this paper is to study the market efficiency of nonagricultural commodities markets. Based on the review of literature, the present study tries to find out whether there is a cointegration, lead and lag relation in spot and futures market prices of identified non agricultural commodities traded in multi commodities exchange, using Stationary tests Cointegration and Regression Model which explains Casual relationship between Spot and Futures Markets. The study find that futures prices cause spot prices and vice versa and suggests that no profitable arbitrage exists and investor cannot book profit since new information already gets to be discounted by spot and futures prices simultaneously. The main contribution of the study is empirically identified and proves that there is a casual relationship between futures and spot which helps the investor to forecast the price with respect to Non Agricultural commodities.

本文的主要目的是研究非农产品市场的市场效率。在文献回顾的基础上，本研究试图找出在多种商品交易所交易的已识别非农产品的现货和期货市场价格是否存在协整、超前和滞后关系，使用稳态检验协整和回归模型解释现货市场和期货市场之间的因果关系。该研究发现，期货价格会引起现货价格，反之亦然，这表明不存在有利可图的套利，投资者无法获利，因为新信息已经同时被现货和期货价格折现。