Copper price hits record high, benefiting from Citigroup bullish outlook and supply concerns.

The price of copper, a metal, has surged to a record high, thanks to the bullish outlook from Citigroup and the imminent supply-demand imbalance. The price of this industrial metal rose by 1.2% to $11,581.50 per ton, surpassing the previous high set earlier this week. According to a basic forecast presented in Citigroup analysts' report on Friday, with the United States hoarding inventory leading to supply shortages in other regions, the average price of copper in the second quarter will reach $13,000 per ton. Traders anticipate that as more copper metal flows into the U.S. ahead of possible import tariffs, there will be a supply mismatch. Bloomberg New Energy Finance stated in a report on Thursday that the copper market is expected to face structural shortages next year, with the supply gap further widening in the next decade due to strong demand and limited supply. Analysts such as Max Layton from Citigroup stated, "We believe that copper prices will continue to rise in 2026, aided by various favorable factors, including gradually improving fundamentals and the macro environment."