(1) Relationship between supply and demand: production, consumption, import and export, and inventory.

(2) International and domestic economic situation: Copper is an important industrial raw material, and its demand is closely related to the economic situation.

Weekly chart of US copper futures index

(3) Import and export policies and tariffs: For a long time, because China is a big country with insufficient copper resources, it has always adopted the policy of "lenient import and strict export" in import and export. The average import tax rate of copper and copper products is 2%. In recent two years, with the progress of global economic integration, the country has gradually reduced export tariffs, and copper can basically be imported and exported freely, thus making domestic and foreign copper prices interact.

(4) the price of relevant international markets: for example, the price impact of LME and COMEX.

(5) Industry development trend and its changes.

(6) Production cost of copper: At present, the international average cost of copper smelting by internal combustion method is 65,438+0,400-65,438+0,600 USD/ton, and the cost of copper smelting by wet process is 8-900 USD/ton. In recent years, the total output of copper hydrometallurgy is increasing rapidly, reaching about 2 million tons in 1998, and will reach about 2 million tons by the end of the 20th century.

(7) the trading direction of international hedge funds and other speculative funds

(8) The price fluctuation of oil, exchange rate and other related commodities will also have an impact on copper prices.