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 highlights ongoing economic and demand side woes which have resulted in downgrades to our near term consumption projections. A succession of price related cutbacks have also led to a moderation in our supply growth forecasts. The net result is that the uptrend in stocks in days of consumption is expected to persist next year leading annual average prices lower in 2016 for the fifth consecutive year. This is expected to force out additional production and following a review of probable project timelines we now expect 2016 (rather than 2017) to represent the peak for inventories in terms of days consumption. This should help to buoy prices from 2017 which are projected to recover to our long term incentive level by 2022.