Spatial agglomeration, as a phenomenon of commodity trading markets, reflects regional economic development in China. This study explores the spatial agglomeration of commodity trading markets and analyzes its influencing factors. Based on the panel data of 30 provinces in China from 2010 to 2019, this article first calculated the location quotient of the transaction volume of commodity trading markets and analyzed their temporal and spatial trends. Finally, a spatial econometric model was used to conduct an empirical examination of the influencing factors determining the spatial agglomeration of commodity trading markets. The results show that the agglomeration pattern of China’s commodity trading markets has changed significantly from 2010 to 2019. In terms of geographic variations, we discovered that the eastern region has a higher degree of commodity trading market concentration than the central and western regions. In terms of influencing factors, this study found that the level of economic development, the degree of openness, and the development of private industrial enterprises still positively affect the spatial agglomeration of commodity trading markets. However, the level of social consumption has no significant impact. Based on these findings, this article puts forward relevant policy recommendations to promote the further development of China’s commodity exchange market.