CITIC Securities: Focus on the opportunity to allocate the pullback window of the copper sector

Guosen Securities research report believes in the importance of focusing on the opportunity to allocate the copper sector during the rollback window. The reduction in supply from the supply side of mines, the stable demand from the demand side, and the continued stocking of inventory are still seen as the basis for bullish copper prices in 2026. However, it is also recommended to fully consider the elastic opportunities for copper prices and sectors in the first quarter of 2026 under the combined effects of the traditional peak season in China and the recovery of overseas demand.