In copper futures trading, ‘contango’ (or ‘forwardation’) is the condition in which the futures price enjoys a premium over the spot price on the London Metal Exchange at the close of the second ring and ‘backwardation’ the contrary. That spread or difference between the two prices is affected by fundamentals such as supply and demand as well as by political, social, environmental and macroeconomic risks, hereafter grouped under the term ‘financialisation factors’. Based on analysis of variations in the BUKHI50P stock index that monitors the impact of Brexit on UK companies, this study shows that in the context of a market shortage, Brexit-related macroeconomics and their effect on local companies are cointegrated with the structure of copper futures prices. Guidelines are also provided for traders on when to short- and when to long-sell to capitalise on the structure of copper futures prices under simultaneous market shortage and adverse macroeconomic circumstances.

在铜期货交易中，“ contango”（或“正向”）是这样的条件，即期货价格在第二轮收盘时在伦敦金属交易所的现货价格享有溢价，而“反向”则相反。两种价格之间的价差或价差受供求等基本面以及政治，社会，环境和宏观经济风险的影响，以下将这些风险归为“金融化因素”。基于监测英国脱欧对英国公司影响的BUKHI50P股指变化的分析，本研究表明，在市场短缺的背景下，与英国脱欧相关的宏观经济及其对本地公司的影响与铜期货的结构紧密相关。价格。