Why Can't Inventory Explain Price During Major Copper Price Swings? [Peifeng Guest Master Class 1.2]

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Besides the supply and demand balance sheet, the second most important factor in commodity allocation is inventory.

For example, from the end of 2023 to the end of 2024, copper inventories have remained low.

This indicates that the market’s mainstream expectations at the time were rather pessimistic — nobody wanted to stockpile.

In other words, low inventory itself often corresponds to a period of weakening expectations.

But the problem lies precisely here:

When everyone has no inventory, a sudden reversal in demand or a sudden supply disruption can cause prices to react rapidly and amplify.

Taking a step further, what truly determines prices is not just “how much demand there is,” but — how urgent the demand really is.

When supply is disrupted and inventories are not held, for many downstream players, price is no longer the most important issue.

So, at such times, who are the most steadfast and effective buyers in the market?

In this session, Peifengke Chen Dapeng will analyze the real driving mechanisms behind the sharp fluctuations in copper prices, starting from inventories, expectations, and the behaviors of different traders.

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