It has been a quiet month for copper in November with prices trading in a well-defined range. The industry gathered in Shanghai mid-month during Asia CESCO Week (ACW) and the overriding theme was one of uncertainty over global economic prospects and the recognition that at current levels, copper prices do not reflect the supply/demand fundamentals. Newly available Chinese trade data for copper cathode has shown much stronger refined copper imports than our original assumptions based on total copper imports. The knock on effect of the revisions that we have made to China on the demand side as well as the adjustments to our production figures now means that the outlook for copper over the next several years is now much tighter compared to our previous forecast. Meanwhile, the first settlement in the 2019 long-term Mating Season was reached during Asia CESCO Week in Shanghai. Antofagasta Minerals was widely reported to have settled with Jiangxi Copper at a level of $80.8/t & 8.08c/lb.