Th is a rti cles tartedw itht het heory ofco mmodityf uturesp rice,co nsultedt he
SHFE's copper prompt sale handbook, discussed its characteristic and forming
mechanism, analyzed the determinants of SHFE's copper futures price. Then this
paperp aida ttentionto c arryo nth ee mpiricalan alyzesto th em ainfa ctors.It m ainly
used the Co-integration and Granger-causality theory to do the statistic analyze on
the date of SHFE's copper futures price, the spot price, futures price of LME,
industrialp roductioni ncreasein v alueo fou rco untry andC rudeo ilpr icein dex,in
order to find out the relationship between the SHFE's copper futures price and it's
determinants. Moreover through the G-S and EC-GARCH analyzed on the SHFE's
price discovery, futures basis and international pricing, we have a further study of the
efficiency of the market