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. The copper market turned decidedly positive in Q3 with prices surging on the back of solid demand, a weaker dollar and concerns about supply disruptions. The recovery in prices also encouraged the approval of several projects. The advancement of these projects into our base case does not change our view of the market. We continue to forecast stable cathode inventories over the next few years, reflecting a return to positive growth in mine supply from 2018 to 2020 set against moderate demand growth. It will be only beyond 2021, as liquid stocks are eroded sharply lower, that we would expect a sizeable reaction in prices. This will encourage new supply to the market and as surpluses emerge, we expect LME quotes to subsequently trend lower to reach our forecast long-term incentive level price by 2027.