The industrial granulation of low-cost and high-performance oxygen carriers (OCs) is critical to developing MW or larger-scale chemical looping combustion (CLC) demonstration units. In this work, an inexpensive composite OC, Cu10.9Red89.1@C (8.72 wt% copper ore and 71.28 wt% red mud bonded by 20 wt% cement), is innovatively prepared at a large scale by the hydroforming method. Its long-period performance is comprehensively evaluated in a thermogravimetric analyzer (TGA) and a batch fluidized bed, and TGA results show that Cu10.9Red89.1@C exhibits excellent stability and reactivity even in the case of deep reduction by H2 in TGA. In addition, an obvious activation of Cu10.9Red89.1@C is observed during the CH4 CLC test, indicated by the increased CH4 conversion and CO2 selectivity from 81.58 % and 74.65 % in the 1st cycle to 97.53 % and 98.24 % after activation, respectively. With Cu20Fe80@C (16 wt% copper ore and 64 wt% iron ore bonded by 20 wt% cement) as a reference, Cu10.9Red89.1@C presents a higher CH4 conversion, CO2 selectivity, and faster oxygen transfer rate due to its larger specific surface area and alkali metals in it. Finally, the cost analysis concludes that its production cost is only $0.95/kg for Cu10.9Red89.1@C, much cheaper than other large-scale prepared OCs. This work provides theoretical support for the applicability of the hydroforming method and the oxygen carrier Cu10.9Red89.1@C.