The copper market service short term outlook (STO) is published monthly and provides a forecast of copper supply and demand fundamentals over the next two years. Copper prices have struggled for momentum over the start of the second quarter. Indeed although three month prices have recently recovered from mid month lows of just above $5 500/t they remain well below Q1 peaks of in excess of $6 000/t. Elevated cathode inventories and ongoing geopolitical uncertainty have weighed on sentiment. Meanwhile the recent easing of supply disruptions at major copper mines Escondida Grasberg and Cerro Verde has also been a key factor contributing to the more bearish tone.