When copper prices rise, many people's first reaction is to look for a "unified answer":

Is it that demand has strengthened? Or that supply has contracted? Or is the macroeconomy beginning to shift?

But the real market is never driven by a single logic.

Some people are doing the math: at this price level, will downstream customers actually accept the goods?

Some people are hoarding goods: Will changes in inventory structure amplify market fluctuations?

Some people are betting in advance: once macroeconomic expectations are formed, will prices move first?

Some people are simply following the trend and increasing their bets, further amplifying the volatility.

In other words,The surge you see is actually the result of different funds taking turns driving the price up.

This is why, even if you have a very clear understanding of supply and demand, you still can't understand why prices are still rising or why they suddenly stop.

The key is never "which logic is correct", but ratherIn this position, who is actually in charge of this deal?

In this section, Chen Dapeng from Peifengke will use a complete real-world trading framework to break down how copper prices operate:

At different stages, which type of people dominate pricing? When should you follow the trend, and when should you stop?