Since the beginning of the 21th Century, global mining has got out of the doldrums and entered a new flourishing cycle. As an important mineral commodity, copper has enjoyed accelerated speed of investment and development over the past ten years. Due to the strong demand driven by China, India and other new-emerging economic bodies, the international price of copper has increased rapidly, even with some excessive financial tendencies, and has formed serious price bubble. China's domestic copper reserves have suffered serious shortage, with the external dependence as high as 70%. It has become a severe challenge for China to implement the strategy on the domestic basis and fully take advantage of domestic and foreign resources market under the condition of such an artificially high copper price. In view of such a situation, this paper has systemically summarized the overall trend of the global copper resources and the basic status of China's copper resources and characteristics, with a prognosis of the possible trends of China's copper supply and demand in the next decade. Some advices are put forward, such as increasing late stage exploration and development investment based on the domestic resources with the new mechanism of geological prospecting as the core, so as to convert the copper resources into copper reserves. In addition, we should make full use of market mechanism to achieve the maximization of the interests of national resources and copper industry in the situation of the considerable variation in international copper prices.