A Study on the Synergistic Change of Non-ferrous Metal Futures and Stock Prices in China—Based on the Complex System Synergy Degree

Abstract

Based on the synergetics perspective, this paper constructs a composite system of non-ferrous metal futures and stock prices, using MATLAB to analyze the data of 3405 trading days from 2004 to 2018 in China. The empirical results show that non-ferrous metal stock prices are generally more orderly than futures prices in the selected period; the price discovery function of aluminum futures is worse than that of copper and zinc; and the 2008 financial crisis has an indelible negative impact on the coordination of China's non-ferrous metals futures market. Finally, this paper discusses whether there are representative metals in the non-ferrous metal market, and makes a brief summary.