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 remained rangebound during July, trading largely within a band of $4,700/t-$4,950/t. As nerves calmed following the Brexit-led sell-off, fund sentiment towards the copper market improved in late June and early July. This continued through mid-month as Chinese macroeconomic data generally met market expectations and helped to drive a more risk-on attitude, underpinning copper quotes. With demand in off-season, prices are likely to remain rangebound over the short term. We continue to forecast a moderate statistical market surplus for 2016, of around 90kt. As a result, global refined metal inventories are set to remain at elevated levels of 74 days in terms of consumption which will continue to weigh on copper prices over the balance of the year.