Another month and another US presidential tweet sent prices and equities tumbling in May. The imposition of higher US tariffs on $200bn worth of Chinese exports and the threat of more to come added another layer of concern to the already slowing global economic picture. Yet in the background copper market fundamentals remain tight. In the copper concentrate market, a higher than average number of smelter maintenance shutdowns carried out in China during April and May, coupled with closures in Chile have done little to support TCRCs. Meanwhile, soon to be introduced scrap policies in China and Malaysia together with a likely further round of Chinese stimulus should support higher refined copper consumption in the second half of 2019 and thus prices.