The copper metal market service long term outlook (LTO) is published quarterly and provides a detailed forecast of copper supply and demand fundamentals out to 2035. Prices look set to continue their downward trend on an average annual basis in 2016, weighed down by persistent market surpluses and elevated global inventories, despite further price-driven production. Beyond 2019, we expect prices to trade higher, reacting positively to falling inventories and emerging deficits. Copper will rally to a peak in 2022 as stocks fall below equilibrium levels, reflecting the lagged effect of developing/commissioning additional mine production. As new supply enters the market and surpluses develop, we expect LME quotes to ease lower to reach our forecast long-term incentive level price by 2025.