Citigroup expects copper prices to rise to $14000 in the next three months

Citigroup stated on Tuesday that it is bullish on copper prices in the short term and expects copper prices to rise to $14000 per ton in the next three months. Citigroup pointed out that the short-term downside risk of copper prices is limited due to strong buying on dips in physical and financial markets, as well as seasonal inventory consumption in China in the coming months. The three-month copper benchmark hit its highest price since February 12th on Tuesday. Citigroup maintains its forecast of an average copper price of $13000 per ton in 2026, believing that this price is sufficient to maintain a basic balance in the global copper market this year. Citigroup also stated that the US Iran nuclear agreement or short-term easing of the situation may boost risk sensitive assets such as copper, and pointed out that the arbitrage dynamics of COMEX-LME have weakened their role in driving prices.