Citi says ongoing Iran conflict risks copper dip below USD 12k/T near-term; Base case is conflict eases within weeks and copper rebounds to USD 13.5-14k/T within three months

Citi's outlook highlights that the ongoing conflict in Iran poses a risk of copper prices dipping below USD 12k/T in the near term. However, their base case suggests that if the conflict eases in the coming weeks, we might see a rebound towards the USD 13.5-14k/T range within three months. This insight is crucial for traders to gauge potential volatility in copper markets and inform positions in related commodities.