economy
Citi turns bullish on copper with forecast of $15,000 per ton within a year
In a note published on Monday, Citi analysts forecast the price of copper to hit $14,500 per metric ton next month and $15,000 per metric ton within a year.
TL;DR
- Citi analysts forecast copper prices to reach $14,500/ton next month and $15,000/ton within a year.
- Goldman Sachs also increased its year-end copper price target.
- U.S. tariff decisions on refined copper imports and U.S. stockpile levels are key factors.
- A potential Strait of Hormuz reopening by summer is expected to support prices.
- Copper is crucial for the energy transition, EVs, power grids, and data centers.
- Elevated prices are subject to risks from Middle East instability and interest rate sensitivity.