The copper market has been characterised as one of ample supply and elevated global stocks, registering its sixth consecutive year of surplus and declining annual average prices in 2016. The outlook for 2017 is, however, somewhat brighter. Slower supply growth and a moderate improvement in the rate of increase in global demand are expected to help lead the copper market into deficit this year, while global metal stocks are set to decline. This will drive annual average prices higher and should also encourage more scrap back into the system. Within this insight we analyse some of the key market drivers for 2017, as well as potential risks to our outlined view.