[Citigroup: Copper prices may fall below $12,000 in the short term if the conflict persists] Golden Finance reports, Citigroup: If the Iran conflict persists, copper prices may fall below $12,000 per ton in the short term. Our base case scenario is that the conflict will ease within a few weeks, and copper prices will rebound to $13,500–$14,000 per ton within three months. Given the aluminum and zinc industries' susceptibility to refinery cost pressures caused by shipping disruptions in the Gulf region and rising energy prices, their price risks tend to be bullish.