Short term variations in copper prices

abstract: day-to-day and week-to-week variations in copper prices on the london metal exchange are analysed by the methods of spectral and cross spectral analysis. apart from a period of some 27 months in the early sixties (when producers intervenedto stabilize cash prices), the random walk model gives a good explanation of short term price charges. in addition, although short term fluctuations in cash and futures prices are strongly correlated, the former are not anticipated by the latter. italso appears that lme stocks and turnover have no consistent relationship with price movements.;