For the first time since 2026, Citi turned bullish on copper prices, targeting $15,000 per ton

Comparing news, Citi's latest report shows that for the first time since 2026, the bank is bullish on copper prices. It is expected that the copper price will rise to 14,500 US dollars/ton in the next month and further rise to 15,000 US dollars/ton in the next 12 months. There is still room for more than 10% increase compared to the current LME three-month copper price.

Citi believes that there is uncertainty about the US refined copper tariff policy. Combined with expectations that normal navigation will resume in the Strait of Hormuz, it will support copper prices. The bank anticipates that the US government may continue to maintain a vague tariff policy strategy to encourage companies to maintain high inventory levels.

At the same time, Goldman Sachs also raised copper price expectations at the same time, raising the target price by the end of 2026 from 12,465 US dollars/ton to 13,735 US dollars/ton.

Citi pointed out that AI data center construction, power grid expansion, and the development of electric vehicles and new energy industries continue to boost copper demand. According to the report, artificial intelligence infrastructure, electrification transformation, and energy system upgrades will be important driving forces for future copper demand growth.

However, Citi also warned that factors such as the continued deterioration of the situation in the Middle East, the slowdown in global economic growth, and fluctuations in inventories and demand may still pose a downside risk to copper prices.