February proved to be a volatile month for copper, with prices swayed by movements in the US dollar coupled with significant nervousness in equity markets. This was despite a Chinese market that was in wind down mode ahead of the Lunar New Year break that took place between the 15th and 21st February. The latest macro-economic indicators suggest that the underlying global economy remains in good health. This should translate into refined copper consumption growth of 2.1% in 2018 and an average of around 2.0% over 2019 and 2020. Copper concentrate availability benefitted from a quiet Chinese market, production problems at smelters in Asia and rising mine supply at Grasberg. The result of higher Indonesian production was the emergence of a two-tier spot market between miners and traders, with sales of elevated precious metals-bearing material incurring higher TCRCs.