A Reserch On The Copper Price Formation Mechanism Of Our Country Based On The International Futures Market

Copper as a sign of modern industry, the global economy, its importance is self-evident. Nowadays, due to the rapid development of globalization, the state has not only always understand copper industrial products, and has risen to the national strategic level; Meanwhile, at the national level for copper understanding also will not stop at the19th World JiDaying period around the time of plundering the resources of the empire, and early in the last century has been developed to the level of countries competing for the pricing of copper, so that countries compete for copper pricing has become more intense.Stage the world’s largest copper pricing center of London, one in New York, and the participants in these two areas mainly Europe-based players. With China after the2000World Trade Organization (WTO), to develop China’s economy, focusing on the rapid development of real estate, led China’s huge demand for copper and other metals. From2003, after the present, China’s refined copper demand has accounted for40%of total world demand. So a serious problem facing China is such a huge demand in the face, do not have pricing power, which led to the rapid growth of Chinese demand, copper prices exhibit more rapid growth, which for China’s enterprise level, the national level have brought great harm.China a major competition for global metal prices homework direction of pricing is to vigorously develop the domestic futures exchange. Stage of China’s Futures Exchange Shanghai Commodity Exchange, Dalian Commodity Exchange and Zhengzhou Commodity Exchange, trading varieties of these three exchanges have been initially developed to several varieties of dozens of varieties, and with a large number of species increased volume also will be enlarged, but still influence the international price of copper is very small for.Several important reasons can not reach the international exchange volume is copper, one is at the national level, the first international capital inflows and outflows China can not be free, which led to a large number of foreign exchange markets can not enter China’s participation in the transaction; secondly China does not fully liberalized interest rate markets, namely China’s money market pricing non-market, resulting in Chinese futures exchanges can not design interest rate futures contracts.Interest rate futures accounts for one third of global futures trading volume; hand is on another level exchanges, exchanges are the first Chinese state-owned enterprises, with the three major exchanges do not exist for competitive business, a monopoly industry, which led to the domestic exchanges to improve the speed of progress is far behind foreign; secondly Exchange internal mechanism leads to some of the details, such as it had been in existence, the commodity futures market is only four hours, which is the global investors as an aircraft carrier into a Beijing alley, simply can not operate in such a short period of time; another detail is that the overall level of China’s exchanges in English and did not meet the requirements of international investors.So China’s exchange needs of the world if you want to get accredited investor a long way, not just at the national level from completely open, but also need to exchange their hard power and soft power fully unfolded, is the first step toward international.This article is part of the development of copper as well as from the international futures market to analyze the historical stage an important role in the development of copper for the human economy, industrial development and international futures markets, which allow us a better understanding of how pricing is formed, Meanwhile, several areas where we should enhance their strength, can be more conducive easier for us to get pricing in future construction; another part of the main macroeconomic aspects to elaborate study of copper pricing mechanism, the empirical analysis, the main use of multiple regression analysis to study the effects of copper on several factors the most important, and produce a mimic diagram. This aspect allows me to better understanding the factors larger effects to copper, to support what is behind these factors.