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
Importance
Level 1
- 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.