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. This latest update shows that slower demand growth has offset downgrades to our production forecasts, leading to an upward revision of our projected metal surplus for 2015. We expect an improvement in global economic performance to feed through to provide some much-needed support to refined copper consumption in 2016 and 2017. However, additional new mine supply will lead to inventories continuing to accumulate to a peak by the end of 2017 with prices dipping to an annual average low in that year. Further forward, slowing supply growth and a subsequent drawdown in accumulated inventories are projected to add upward momentum to prices, which are projected to recover to our long-term incentive level by 2022.