Abstract:With industrial upgrading and change of times, the price of bulk commodities changes more and more frequently, and the operational risk of related industries is also increasingly prominent. With the rapid development of finance and derivatives, hedging has become an important way for related enterprises to avoid risks. However, the low efficiency of hedging becomes an important factor restricting related enterprises to use hedging to avoid risks. Therefore, this paper compares several models commonly used in academic and commercial circles, and tries to find a suitable hedging model for copper futures through empirical method. After testing, the ECM model considering the cointegration relationship between time series can better measure hedging ratio.