Financial crisis. The first round of bull market is a bull market triggered by the huge increase in demand in China, which is driven by demand and has solid fundamentals, so it lasts for a long time. Specifically, it can be divided into two stages: the rising stage and the high-level shock stage. In 2006, it entered a high shock stage, and during the financial crisis in 2008, the inventory increased greatly, accompanied by the accelerated decline of copper prices. The second bull market was caused by oversold rebound and excess liquidity. There is a negative correlation between copper price and copper inventory, but the overall performance of copper price is weak, and the low point is lower every time. Due to many financial crises, copper prices plummeted.