Dynamic relationship between refined and scrap copper prices

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dc.contributor.authorRivera, Nilza
dc.contributor.authorGuzman, Juan Ignacio
dc.date.accessioned2025-01-20T17:11:34Z
dc.date.available2025-01-20T17:11:34Z
dc.date.issued2024
dc.description.abstractIn this paper, we explore the relationship between refined and scrap copper prices, considering the possibility that this relationship may vary across various products and over time. Building upon the conjecture put forth by Phillip Crowson (Miner Econ 24(1):1-6, 2011), here referred to as the Crowson Conjecture, our study aims to investigate how the substitution between refined copper and copper scrap No. 1 and No. 2 can impact the prices of each other. To achieve this, we develop a theoretical model that allows us to understand the potential influence of substitution between refined copper and copper scrap No. 1 and No. 2 during different time periods. Additionally, we conduct an empirical test using monthly time series data spanning from January 2004 to June 2022, analyzing structural breaks in these prices. Our empirical analysis successfully identifies three distinct structural breaks: January 2004 to August 2009, September 2009 to July 2017, and August 2017 to June 2022. These breaks serve as critical time periods for measuring Granger causality between the examined prices. Interestingly, our findings indicate that the causal relationships between the refined and scrap copper prices change throughout these three analyzed breaks, providing evidence in support of Crowson Conjecture. By shedding light on the evolving nature of the relationship between refined and scrap copper prices, our study contributes to a deeper understanding of the dynamics within the copper market. These insights have implications for market participants and policymakers, enabling them to make more informed decisions regarding pricing and resource allocation strategies.
dc.description.funderWe thank Cristian Foix Castillo from CODELCO for providing the No. 1 and No. 2 scrap copper price data. We also thank the reviewers for their valuable feedback and comments.
dc.fuente.origenWOS
dc.identifier.doi10.1007/s13563-023-00401-2
dc.identifier.eissn2191-2211
dc.identifier.issn2191-2203
dc.identifier.urihttps://doi.org/10.1007/s13563-023-00401-2
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/91192
dc.identifier.wosidWOS:001087818600001
dc.issue.numero2
dc.language.isoen
dc.pagina.final392
dc.pagina.inicio381
dc.revistaMineral economics
dc.rightsacceso restringido
dc.subjectStructural breaks
dc.subjectCausality
dc.subjectCopper scrap
dc.subjectPrice transmission
dc.subjectSecondary production
dc.subjectQ24
dc.subjectQ31
dc.subjectL72
dc.subject.ods07 Affordable and Clean Energy
dc.subject.ods12 Responsible Consumption and Production
dc.subject.ods11 Sustainable Cities and Communities
dc.subject.ods09 Industry, Innovation and Infrastructure
dc.subject.ods13 Climate Action
dc.subject.odspa07 Energía asequible y no contaminante
dc.subject.odspa12 Producción y consumo responsable
dc.subject.odspa11 Ciudades y comunidades sostenibles
dc.subject.odspa09 Industria, innovación e infraestructura
dc.subject.odspa13 Acción por el clima
dc.titleDynamic relationship between refined and scrap copper prices
dc.typeartículo
dc.volumen37
sipa.indexWOS
sipa.trazabilidadWOS;2025-01-12
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