Gains made in the copper price in December were soon suppressed following a US missile strike in the Middle East in early January. As tensions started to ease, copper's fortunes turned positive again ahead of the Phase One deal being signed, while dwindling visible inventories provided additional support. However, the outbreak of the coronavirus (2019-nCoV) soon sent prices south given the threat that the virus may pose to economic growth. The extent of the impact of the virus on copper demand, particularly in China and wider Asia, is as yet unknown. However, given that we are at the beginning of the year, it is conceivable that any losses could be made up over the course of the year. Nevertheless, growth in global refined production is set to exceed that of refined demand in 2020, leading to a surplus market.