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.
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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
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- Citi sees copper eventually retreating to a more sustainable price of around USD 12K/t by Q4'26 and through 2027.
- In base case, global copper mark should balance around USD 12k/t in 2026 and 2027.
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.
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