Copper is one of the most important commodities on 

the market today. There are four major factors that 

influence its price.

First, fundamental factors. In the medium- and longterm, supply of copper concentrate has a negative 

correlation with copper price, while downstream copper 

consumption changes have a positive correlation 

with it. Other factors that affect supply and demand 

are seasonal changes in the operating rate of 

copper consuming industries, and changes in policy 

on recycled copper and in domestic and overseas 

inventories.

Second, macroeconomic factors. In general, the price 

of copper is influenced by the economic environment 

– giving the metal strong financial attributes. Its 

production and consumption are both closely related 

with the macro-economy, and therefore its price, often 

acts as a “barometer” accordingly, a function that has 

given the metal the moniker of “Doctor Copper.”

Third, monetary factors. Copper price is often 

negatively correlated with the U.S. Dollar Index and is 

influenced by momentary shift in market expectations 

on demand and inflation, following a change in interest 

rate, total social financing to the real economy, and M1/

M2 – three widely monitored indicators for financial 

environment and liquidity.

Fourth, sentimental factors. Changing market sentiment 

in response to unexpected events will intensify the 

volatility of global asset prices, including copper price.

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