Will it be?

I think the ICSG must be assuming that global economic activity is going to slow in the second half of this year.

And there's some good reasons to think that.

You know, we've had much higher energy prices this year than we expected.

China's economy is definitely slowing, and of course, the disruption to trade and shipping created by the, the Middle East war.

That said, we've seen strong growth in copper-intensive industrial activity since the start of this year, and I find it difficult to believe that we're going-- that that is going to dis- disintegrate in the second half of the year.

For example, obviously, AI-related infrastructure, the data centers, very copper-intensive.

I think Natalie has partly answered this question, but could that force higher-cost Western smelters out of business, or will Chinese producers eventually face serious financial pressure themselves?