Citi neutral on copper, aluminium near term
C•Citi said it is neutral on copper at $14,000 to $15,000 per metric ton and aluminium at $3,000 per ton near term, while expecting stronger supply growth for both metals in 2027.
1. Citi's metals outlook
Citi said it sees upside opportunities in nickel and lead, with prices near 2026 lows and fund positioning relatively short. It is constructive on tin, forecasting $60,000 per ton over the next 6-12 months, citing exposure to structural and strategic medium-term tailwinds for industrial metals.
2. Recent metal prices
Three-month copper touched $14,256 per ton, its lowest since October 2. Aluminium rose 0.3% to $2,995.50 after falling to a more than nine-month low of $2,953.50. Zinc fell 1.1% to $3,677.50, lead lost 0.7% to $1,883, nickel slid 1.7% to $15,240, and tin was little changed at $50,440 after touching its lowest level since June.
