Citi reiterates 0-3 month copper price view at $15,000/t
XLB•Citi keeps copper price target at $15,000 per metric ton
Citi on Friday reiterated its 0-3 month copper price target of $15,000 per metric ton, saying structural, cyclical and strategic tailwinds through 2027 outweigh risks from U.S. tariff uncertainty and elevated fund positioning.
- Citi kept its $15,000/t copper target, saying long-term demand and supply fundamentals remain supportive despite periodic price volatility.
- The bank expects no U.S. tariff on copper cathodes, although it does not anticipate official clarity until after U.S. mid-term elections, if at all.
- Citi said elevated fund positioning could leave copper vulnerable to near-term risk reduction if tariff doubts increase, but viewed any pullback as a buying opportunity.
- The bank added that it would see any near-term bouts of further risk reduction on tariff doubts as a temporary correction given broader bullish copper drivers and themes, and as an opportunity to add exposure.
- Three-month copper on the London Metal Exchange CMCU3 was flat at $14,238 a metric ton as of 1600 GMT.
