Citi Turns Bullish on Copper Price for First Time Since 2026, Targets $15,000 Per Ton

BlockBeats News, June 1st, Citigroup's latest report shows that the bank has turned bullish on copper prices for the first time since 2026, expecting the price of copper to rise to $14,500 per ton in the next month and further increase to $15,000 per ton in the next 12 months, representing over 10% upside from the current LME three-month copper price.

Citigroup believes that the uncertainty surrounding the U.S. refined copper tariff policy, coupled with expectations for the resumption of normal navigation in the Hormuz Strait, will support copper prices. The bank expects the U.S. government to maintain a "strategically ambiguous" tariff policy to encourage companies to maintain high inventory levels.

Meanwhile, Goldman Sachs has also simultaneously raised its copper price forecast, increasing its year-end 2026 target price from $12,465 per ton to $13,735 per ton.

Citigroup points out that the construction of AI data centers, grid expansion, the development of electric vehicles, and the new energy industry are continuing to drive copper demand. The report believes that AI infrastructure, electrification transformation, and energy system upgrades will be key drivers of future copper demand growth.

However, Citigroup also warns that factors such as the ongoing deterioration of the situation in the Middle East, slowing global economic growth, inventory and demand fluctuations, etc., may still pose downside risks to copper prices.