The copper market service short term outlook (STO) is published monthly and provides a forecast of copper supply and demand fundamentals over the next two-years. After surging over the final weeks in August, copper prices continued on their upward trajectory to peak at a 3-year high in early September. However with prices having run well ahead of the fundamentals, profit-taking set in. The sell off in US equities during the first week appears to have been one of the initial triggers, while another surge in LME stocks added further downward pressure. Notwithstanding this recent softening, copper looks set to record its first annual average price gain in six years in 2017. Further forward, the medium-term fundamental outlook remains bullish. This has led mining companies to shift their focus back to mine project development, with some reasonable sized projects gaining board approval over the past few months.