Citi said that under the impetus of strong momentum, copper prices will rise to 14,000 US dollars per ton in the next three months, but without new catalytic factors, copper prices may peak this month. Citigroup analysts said in the report that maintaining an average price forecast of 13,000 US dollars per ton for London copper from the second quarter to the fourth quarter, market momentum, positions still have room to rise, and the continuation of several bullish narratives can further push up copper prices in the short term. The bullish narrative includes arbitrage/tariff dynamics relating to the US, expectations for demand and growth, and limited copper supply. Despite this, “we don't have enough confidence in a further increase in copper prices. Our basic expectation is that the market will eventually take back any increase above $13,000.”

Citi said that under the impetus of strong momentum, copper prices will rise to 14,000 US dollars per ton in the next three months, but without new catalytic factors, copper prices may peak this month. Citigroup analysts said in the report that maintaining an average price forecast of 13,000 US dollars per ton for London copper from the second quarter to the fourth quarter, market momentum, positions still have room to rise, and the continuation of several bullish narratives can further push up copper prices in the short term. The bullish narrative includes arbitrage/tariff dynamics relating to the US, expectations for demand and growth, and limited copper supply. Despite this, “we don't have enough confidence in a further increase in copper prices. Our basic expectation is that the market will eventually take back any increase above $13,000.”