Not every rise and subsequent fall in the price of a commodity is a bubble. For one thing, there was not much speculation involved. You didn't have fools buyi

Not every rise and subsequent fall in the price of a commodity is a bubble. For one thing, there was not much speculation involved. You didn't have fools buying copper expecting to sell it later at a higher price to a greater fool; rather, you had people buying copper to use it to make stuff, like plumbing and wiring for houses in the first world (which was a bubble). Houses, together with cars, account for the bulk of the end consumer's use of copper. Lots of people wanted copper. Chilean, Peruvian, American and Indonesian producers happily sold people what they wanted. Later, the housing bubble burst and the demand for commodities fell substantially. Another factor that contributed to the fall in price was the increase in supply that took place during the time in which high prices prevailed. So it's just supply and demand. It's a natural cycle that holds for most commodities. Insiders considered it a supercycle in that it lasted much longer than other high-price cycles in copper's history. Good times.