Empirical Analysis Of Relevant Factors On Shanghai Copper Futures Prices

With the rapid economic development, China has become the world's largest consumer base and the copper producer, according to laws of the world economy and needs of China's future economic development, we can conclude that during quite a long time in the future, demands for copper in China will be great, copper is still one of the most important resources which supports the sound and rapid development of national economic. As the process of globalization and integration speeding up, it has became imperative that the copper spot and future markets at home and abroad should be concerned, and the price of them should be deeply studied. Therefore, this article considered Shanghai copper futures. Combining the copper consumption and supplies and market structure in our country, we analyzed empirically on relevant factors of Shanghai copper future price, made the copper future price as research object and collected the price of Shanghai copper, London copper, Shanghai aluminum, fuel and stock, using co-integration test, Granger causality test, statistical and error correction model on them, at last it made a conclusion that the main factors influenced copper future prices is London copper prices.