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 downtrend on an average annual basis over the next couple of years weighed down by persistent market surpluses and elevated global inventories, which will lead to further price related cut backs. Beyond 2018, we expect prices to trend higher, reacting positively to falling inventories and emerging deficits. Copper will rally to a peak in 2022 as stocks fall well below equilibrium levels of 65 days, reflecting the lagged effect of developing/commissioning additional mine production as demand continues to rise. As new supply continues to reach the market and surpluses emerge, we expect LME quotes to trend lower thereafter to reach our forecast long-term incentive level price by 2025.