Overview
This course introduces the structure, participants, instruments, and economic functions of global copper markets. It examines the complete market chain from mining and refining through manufacturing and end-use demand, with attention to copper grades, refined products, concentrates, benchmark pricing, and physical market conventions.
Students analyse major commodity exchanges, over-the-counter trading, paper and physical markets, and the roles of producers, consumers, merchants, market makers, banks, hedge funds, and institutional investors. Core analytical topics include supply-and-demand fundamentals, inventory data, treatment and refining charges, basis risk, spreads, contango, backwardation, liquidity, price discovery, and the relationship between spot and futures prices.
Practical activities develop competence in interpreting exchange quotations, preparing evidence-based market briefs, analysing trading scenarios, and simulating decisions involving hedging, speculation, and inventory exposure. The course distinguishes commercial hedging from directional trading and introduces position sizing, stop-loss practices, operational risk, financial risk, and the ethical and regulatory responsibilities of commodity market participants.
Learning Outcomes
- Explain the structure, participants, instruments, and economic functions of global copper markets.
- Analyse copper supply, demand, production, consumption, inventory, and refining data to assess market fundamentals.
- Interpret exchange quotations, benchmark prices, futures curves, spreads, treatment and refining charges, and basis relationships.
- Evaluate technical and fundamental market information and communicate an evidence-based copper market view.
- Develop a basic trading or commercial hedging plan incorporating exposure analysis, position sizing, stop-loss parameters, and defined risk limits.
- Distinguish commercial hedging, speculation, and market-making activity across physical, exchange-traded, and over-the-counter markets.
- Assess operational, liquidity, basis, counterparty, financial, and regulatory risks associated with copper trading decisions.
- Evaluate the ethical and regulatory responsibilities of commodity market participants and justify compliant market conduct.
Timetable
| Type | Length | Frequency | Period |
|---|---|---|---|
| Lecture | 2 hours | Weekly | All semester |
| Tutorial | 1 hour | Weekly | All semester |
| Workshop | 2 hours | Fortnightly | First term |
| Practicum | 2 hours | Fortnightly | Second term |
Assessment Schedule
| Type | Description | Weighting |
|---|---|---|
| Quiz | Online quizzes (5 × 2%) | 10.00% |
| Assignment | Copper market brief | 20.00% |
| Test | Practical market analysis test | 20.00% |
| Deliverable | Trading and hedging simulation plan | 20.00% |
| Exam | Final examination | 30.00% |
Prerequisites
- Requirement 4 NCEA Level 2 Mathematics credits, externally assessed
Teaching Staff & Programs
This course is delivered jointly by faculty from the participating programs listed below. In line with the Douchewater Way, the University of Sexology tailors core instruction directly to each cohort's specific discipline — adapting curriculum to program needs rather than forcing students into a one-size-fits-all model. Learn more about our approach at The Douchewater Way.
