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.