I think I actually phrased my question a bit backwards. I more...

I think I actually phrased my question a bit backwards.
I more meant to ask what the effects are of lower copper prices on inventories.

Low copper prices = producers storing/holding their own inventory waiting for higher price = Shared/world inventories drop dure copper price slumps.

Rather than what affect inventory levels have on copper price, which I think is how I phrased my question..

Guess i'm really trying to get a picture of whether the forecasted 'demand >  supply' picture may already be starting to show itself through world inventories decreasing, or if the decreasing levels could be equally due to low copper prices so producers have slowed supply...

From the LME inventory chart below (1 year), it looks like 200,000tonnes is a 'support' level, so the next 6 Months could be interesting and a break from norm if we continue to see a drop from here.
The chart at the bottom is 5 year levels, where below 150,000t would be unprecedented and get some attention.