Citi says they mark their 0-3 month copper price forecast to USD 13k/t; revises 0-3 month base metals forecast to modestly bullish nickel to USD 19k/t, neutral Zinc, Lead and Tin

Citi's revision of its copper forecast to USD 13k/t signals a short-term bullish outlook, which could prompt some price volatility in the sector. However, their expectation of a retreat to USD 12k/t by Q4'26 suggests a long-term stabilization that may influence investment decisions and the overall demand for materials in global markets. This outlook on copper, along with their modestly bullish stance on nickel, indicates potential shifts in production and inventory strategies across the metals complex.