Citi Sticks with Bullish Copper Call Amid US Tariff Risks

Citi has reaffirmed its bullish call on copper, sticking to its three-month price target of $15,000 a tonne. The forecast surpasses current levels and would mark fresh territory for the industrial metal widely used in construction, power grids, and electric vehicles.

The bank cited structural, cyclical, and strategic tailwinds that it expects to support prices into 2027, outweighing the threat of US tariffs hanging over the market. While copper looked exposed in the near term due to heavy positioning by investment funds, Citi argued that any setback would prove temporary.

The bank does not expect the US to impose a levy on imported copper cathode, the refined form of the metal traded on global exchanges. However, official clarity is unlikely before the American mid-term elections, and possibly not even then.