Citigroup Sees Copper at $15,000/Ton and $5.5T Tokenized Securities by 2030
C•Citigroup raised its near-term copper forecast to $14,500 per ton and expects $15,000 within 6–12 months, driven by U.S. tariff tailwinds and tighter supply, and sees a 360,000-ton market deficit in 2027. It projects tokenized securities will hit $5.5 trillion by 2030, assuming 10% of U.S. Treasuries, 3% of stocks onchain.
1. Copper Price Outlook
Citigroup upgraded its near-term copper forecast to $14,500 per ton and sees $15,000 within six to twelve months. Drivers include U.S. tariff support, underperforming scrap and mine output through 2027 and resilient energy transition and AI demand, leading to an anticipated 360,000-ton market deficit in 2027. The bank also flagged tail risks from prolonged Middle East conflict and fading tariff risk pricing post-June.
2. Tokenized Securities Projection
The bank projects the tokenized securities market will expand from $17 billion today to $5.5 trillion by 2030 in its base case, with a range of $2.7 trillion to $8.2 trillion depending on adoption. It expects 10% of U.S. Treasury bills and 3% of public stocks to be tokenized by 2030, driven by trading platform integration and clearer regulatory frameworks, underscoring an emerging revenue opportunity for capital markets participants.
