1. Exchange rate changes (there is a negative correlation between copper price changes and exchange rate changes between the US dollar and major international currencies. The rise of the US dollar puts pressure on copper settled in US dollars. When geopolitical turmoil occurs, copper and The U.S. dollar is positively correlated, and the two complement each other);

2. Interest rate changes (when interest rates increase, capital investment will be reduced, resulting in a smaller initial mining scale; high interest rates will also increase the capital cost of alternative technologies, Leading to a decrease in the mining speed); Search

3. Changes in oil inventories (inventories are a buffer between supply and demand. When futures prices are higher than spot prices, commercial inventories will increase, stimulating an increase in spot prices. On the contrary causing spot prices to fall).