The persistent tit-for-tat behaviour between the US and China continues to undermine the markets and economic confidence, which has been reflected in the overall deterioration in copper prices throughout the year. Poor copper semis production and consumption results continue to be reported in large copper consuming countries such as South Korea, Taiwan and Japan, plagued by falls in export demand. However, progressive ramp ups and the addition of new semis capacity in a number of countries are providing a foundation for growth in refined copper consumption over the coming years. Meanwhile, smelters in China retreated from the market during August ahead of a new round of maintenance closures announced for Q4 this year. This should provide some support to TCRCs for the rest of 2019.