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Using Cointegration Test、Granger Test、G-S Model and ECM,This paper studies on the function effectiveness of copper futures contracts in Shanghai Futures Exchange before and after the fimancial crisis.The results shows that the copper futures price leads copper spot price before the financial crisis,while the copper spot price leads the copper futures prices after the financial crisis.This indicates,after the financial crisis,the price discovery function of copper futures is lower than that before the financial crisis.But,the results shows that the hedging performance of crisis sample is better than that of pre-crisis sample.the hedging performance of crisis sample is 0.58349519 and that of pre-crisis sample is 0.66601353.