As the price of mineral resources has rapidly increased since 2000, many countries have invested in the development of oversea resources to nationalize the resources. Korea also makes efforts for the development of overseas resources since 2001. However the mineral prices have high variability according to the international demand while the evaluation of economic feasibility on the deposits may differ according to the fluctuation of mineral prices. This paper investigated the efficiency of three primary metals markets using cointegration tests. The spot prices of copper, aluminum and zinc over the period January 1985 to December 2008 have served as the basis of the analysis. As a result of testing the efficiency using cointegration model, Aluminum and zinc have been inferred as inefficient markets while copper are efficient on the other hand.