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. 2016 looks set to be a turning point for the copper market. Over the next few years, as output growth slows and demand continues to expand, the market will tighten once again. This will drive prices higher and should also encourage more scrap back into the system. A strong recovery in prices from 2019 will offer producers sufficient confidence to encourage additional supply. However, the long lead times required to bring on new capacity mean that there will be a period of supply deficits. As inventories fall well below equilibrium levels of 65 days, prices will trade to a peak by 2023. Once new supply reaches the market, prices will reverse their upward trend to fall to our forecast long-term incentive price level by 2026.