Positive Short-Term Outlook for Copper Prices
Citi recently released a report suggesting that copper prices are expected to see a significant rise in the short term, potentially surpassing $14,000 per ton within the next three months. The bank believes strong buying activity in both physical and financial markets will provide solid support for the metal's price.
China's Demand Drives Price Gains
With improving market sentiment and continued strength in demand from China, the world's largest metal consumer, copper prices have shown a clear upward trend. The latest three-month copper contract has climbed to its highest level since February 12.
Long-Term Outlook and Market Balance
Citi has maintained its forecast for the 2026 average copper price at $13,000 per ton, stating that this level would be sufficient to maintain a basic balance in the global copper market.
Geopolitical Factors and Market Impact
Analysts noted that any limited progress in U.S.-Iran nuclear negotiations or a short-term easing of geopolitical tensions could benefit copper and other risk-sensitive assets. Additionally, the recent strong inflow of metals into LME warehouses linked to the U.S. is expected to continue supporting prices in the near term.