CITIC Securities: Copper has strong support under supply constraints and driven by electricity demand, and it is expected that the average price will rise to $12,000 per ton.

CITIC Securities research report states that in 2026, the overall asset environment may exhibit characteristics of marginally loose liquidity and moderate economic recovery. We recommend commodities > stocks > bonds. In terms of commodities, the supply and demand pattern of crude oil is shifting from surplus to balance, with Brent crude oil fluctuating in the range of 58-70 US dollars/barrel throughout the year; gold continues to be strong under loose liquidity and geopolitical risk support, but the rate of increase is expected to slow down, with a potential impact of 5000 US dollars/ounce; copper, driven by supply constraints and electricity demand, has strong support and is expected to rise to an average price of 12000 US dollars/ton. In terms of exchange rates, the Renminbi may enter a moderate appreciation cycle, and the central rate of the US dollar against the Renminbi is expected to gradually approach 6.8.