Copper prices traded in a relatively narrow range during January, although the general trend was upwards over the month. Trade tensions and the outlook for the global economy continued to weigh on expectations. Against this backdrop and with the approaching Chinese New Year break, there has been limited interest from traders and consumers alike, each unwilling to sit on inventories ahead of the Spring Festival. An underperforming manufacturing sector in Germany and disappointing domestic demand in South Korea have led to downward revisions to refined copper consumption growth in 2018 and adjustments to 2019 growth. Meanwhile in China, changes to the scrap import policy will likely continue to be an important factor in determining refined demand growth this year. We continue to estimate that the fundamental supply/demand balance outlook for 2019 will be positive.