Sentiment in the copper market has continued to be swayed by events on the global stage rather than copper’s supply-demand fundamentals. Key amongst these has been the ongoing dispute between China and the USA. The combination of the changes to both supply and demand in 2018, now means that we are presenting a much tighter market outlook over the next few years, which should support higher prices. This rise in prices, in reaction to the anticipated deficits that are due to emerge by 2020/2021, should provide sufficient confidence to encourage producers to reactivate shuttered mines and undertake incremental expansions, mine life extensions and eventually develop the larger projects that are needed to close the implied supply gap. This additional output will result in surpluses emerging and stocks replenished from 2022. Once this new supply starts to reach the market, prices will reverse their upward trend, falling towards our forecast long-term price level by 2028.