From 2010 to 2019, the market price of copper was on 

an inverted V trajectory. Specifically, global economic 

recovery, China’s four-trillion-yuan stimulus package, 

and quantitative easing and fiscal expansions by 

European and American economies pushed the copper 

price to a peak in 2011. It then fluctuated widely and 

eventually lost ground when production of copper 

concentrates oversaturated market demand as a result 

of worldwide economic slowdown, European debt 

crisis, and China’s austerity policy. Then in 2017, the 

copper price rebounded due to declining inventory and 

economic recovery. From 2018, however, the copper 

price has generally been volatile under the influence of, 

among others, consumption stagnation caused by the 

reverse globalization and macroeconomic downturn.

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