Citi expects copper prices to rise to $14,000 in the next three months

Citi said on Tuesday that it is bullish on copper prices in the short term, expecting copper prices to rise to $14,000 per ton in the next three months. Citi pointed out that the downside risk for copper prices in the short term is limited due to strong buying on dips in both physical and financial markets, as well as seasonal inventory consumption in China over the coming months. The benchmark three-month copper price hit its highest level since February 12 on Tuesday. Citi maintains its forecast for the average copper price in 2026 at $13,000 per ton, believing that this price is sufficient to keep the global copper market basically balanced this year. Citi also stated that a US-Iran nuclear agreement or a short-term easing of tensions could boost risk-sensitive assets such as copper, and noted that the impact of COMEX-LME arbitrage dynamics on prices has weakened.