International Pricing of Copper in Shanghai Futures Markets
As an important raw and processed material in industry, the price of copper has a close relation with the world economic circumstance. In the international pricing process of the copper, the futures markets plays a vital part. Correspondingly, the price of copper in the Shanghai futures market has begun to drawn attention from worldwide. In the present research, the relationship between prices of copper in the Shanghai Futures Exchange (SHFE) market,the London Metal Exchange (LME) market and the New York Mercantile Exchange (NYMEX) market and the spillovers of price volatility in the copper are investigated empirically with econometrics. The results show that the price in the three markets affects each other. The price volatility can transmit from one to the other two markets and influence the price volatilities of those futures markets. In general, LME still plays a dominant role in the international pricing of the copper. In contrast, the NYMEX has the weakest influence. The SHFE has become the second international pricing center and its increasing influence shows that it will play a more important role in the pricing of copper in the world.
Futures market Information-linked International pricing
华仁海 刘庆富
南京财经大学金融学院,南京,210003 复旦大学金融研究院,上海,200433
国际会议
西安
英文
2006-07-17（万方平台首次上网日期，不代表论文的发表时间）