Citibank: Copper prices are expected to surpass $12,000 per ton in 2026.

Citigroup Group stated that as global manufacturing is expected to recover by 2026 and the US dollar weakens, copper prices are expected to end cautiously at the end of 2025 and then potentially launch a more coordinated upward trend in 2026, aiming to break through the $12,000 per ton mark. Analysts Max Layton and Wenyu Yao in the latest quarterly commodities outlook report pointed out that in the coming months, demand for copper, known as the "conductive metal," will face resistance, but the long-awaited supply shortage issue in 2026 will drive an improvement in copper demand. They expect the average copper price to reach $10,000 per ton in the fourth quarter of 2025, close to the current price level. The report stated, "For investors and consumers who can withstand short-term fluctuations, we recommend gradually allocating copper assets in the next 3 to 6 months to capture a 20% upside potential by the end of 2026."