Rising copper metal inventories over the next several years, contrary to most recent expectations, would mean persistent downward pressure on prices. This is a realistic scenario against the backdrop of downgraded global growth forecasts . The PortfolioDirect investment report this week discusses the sensitivity of copper demand to changes in global growth rates using a historically valid statistical model. The most recent International Monetary Fund global growth forecasts are used as model inputs to project upcoming copper usage. The analysis suggests that copper market expectations have not been sufficiently adjusted to take account of the most recent downward revisions to the global growth outlook. Recent PortfolioDirect company rating reports can also be accessed through the latest weekly investment report: (VIEW LINK).