Abstract: In order to reveal the fluctuation’s law and the relationship of domestic and international sugar future price,basing on the closing price data of Zhengzhou Commodity Exchange’s white sugar future and Intercontinental Exchange’s sugar No.11 future,this paper establishes the family of GARCH models,and comparatively analyses the fluctuation characteristic and linkage effect of Zhengzhou white sugar future index and ICE sugar No.11 future index.The results show that,both Zhengzhou white sugar futur..