The Price Discovery Function of Shanghai Copper Futures Market

As an important part of financial market, futures market is significant for the development of our country's economy. The price discovery function of futures market is an important indicator for us to test whether the futures market function well. I give a brief description for the domestic and international research in this field firstly. Then, the copper of Shanghai futures exchange is chose to test whether the futures market function well. The ADF test, cointegration test as well as Granger test are used in this article, we can take the results got through these methods of empirical analysis to verify the efficiency of copper futures market.