Price linkages in the copper futures, primary, and scrap markets

This study investigates how markets for different levels of copper purity are interrelated by testing the long-run price linkage and causalities among the copper futures, primary, copper scrap, and brass scrap markets. It is expected that copper markets that deal with high purity levels, such as the futures, primary, and copper scrap markets, have a long-run relationship. However, brass scrap markets where copper with a lower purity is traded may not have a price linkage with other copper markets. The results reveal that a long-run relationship holds between the futures, primary, and copper scrap markets but the brass scrap market does not have a long-run relationship with the other markets. From the short-run and long-run causality tests, we determine that the futures market plays an important role in transmitting price information to other copper markets while such information flow is not found for the brass scrap market.

The story of … the military jacket

Fashion and war don’t seem an obvious pairing, but the military jacket is a fashion staple. It may take the form of a double-breasted dress uniform with brass buttons and epaulettes, trimmed in rock star braid, or it may be a khaki combat jacket, worn with Doc Martens and a scowl. Here I explore how these two forms of the military jacket were frogmarched into fashion...