回顧文獻，雖然有許多學者對單一原物料與原油之相關性多有著墨，但單一原物料與單一原物料之間的關聯性卻從無任何系統整合去探討與研究。本研究主要在探討原油價格、銅價格、鎳價格與紙漿價格之關聯性，以2005年07月01日至2010年06月30日的週資料為研究樣本，利用共整合檢定、向量誤差修正模型（Vector Error Correction Model, VECM）以及Granger因果關係檢定等實證方法，探討變數間長期關聯性。
Since Industrial Revolution, energy resources play essential roles in human''s life. With the development of scientific and technological progress in different eras, the need for raw materials has increased dramatically. Among all raw materials, crude oil is the most dominant one, and the prices of other raw materials have also been soaring with the price of crude oil worldwide. ‘Raw materials’ includes industrial metals and daily necessities, and, it is the copper, nickel and pulp that are closely influential to our daily life.
In the existing literatures, even though many researchers have discussed the relationship between single raw material and crude oil, there is no systematical and integrated examination on the correlation between different types of raw materials. This research aims to explore the correlation between the prices of crude oil, copper, nickel and pulp. Adopting weekly data collected from 1st July 2005 until 30th June 2010 as references, this paper investigates long-term interrelationship between variances via Co-Integration Test, Vector Error Correction Model (VECM) and Granger Causality Test.
The research outcome points out the integrated correlation between the price of crude oil, copper, nickel and pulp. In the model of VECM, the price of crude oil, copper and nickel has been affected not only by their own wavering prices in prior period, but also the rest two variable prices; the price of pulp has only been affected by its own wavering prices in prior period. Through Granger Causality Test, the result demonstrates the one-way causation of how the price of crude oil has effects on the prices of nickel and copper and pulp. In order to explore the correlation between each raw materials, the research applies variable decomposition model to analyse the variances, and finds out that the price of copper to the prices of nickel and pulp, the price of nickel to the prices of crude oil and copper, all the variable prices been mediated by the price of nickel, but the numerical error has been gradually increased. The research has further indicates that the one-way causation from the price of crude oil to nickel, and the price of copper to pulp.