ABSTRACT

Copper is considered one of the most important minerals in the world; however, most of the finance literature focus on determining the relationship between changes in gold spot prices and mining stock returns. To fill this literature gap, we analyze the impact of changes in copper spot and futures prices on the stock returns of copper mining firms. Considering a sample of high market-cap firms, we find evidence of a positive but inelastic relationship between copper stock returns and changes in copper prices. Additionally, we determine that the 2008–2009 global crisis influenced investors’ decisions thus generating a negative impact on copper stock returns. Finally, we provide evidence to reject the hypothesis of integrated markets; indeed, changes in copper prices have a larger impact on stock returns of copper mining firms traded in more developed markets (New York, Toronto, and London) compared with stocks traded in a less developed one (Lima).

摘要

铜被认为是世界上最重要的矿物之一。然而，大多数金融文献都侧重于确定黄金现货价格变化与矿业股票回报之间的关系。为了填补这一文献空白，我们分析了铜现货和期货价格的变化对铜矿企业股票收益的影响。考虑到高市值公司的样本，我们发现了铜库存回报与铜价变化之间存在正但无弹性关系的证据。此外，我们确定 2008-2009 年全球危机影响了投资者的决策，从而对铜股票回报产生了负面影响。最后，我们提供了拒绝整合市场假设的证据；的确，