CITIC Securities says the timing of the U.S. copper tariff assessment is approaching, reviving "tariff trades" and inventory hoarding in the copper market. Overseas precautionary stockpiling is providing firm fundamental support, while the recent sharp rise in COMEX stocks—interpreted as "trading" inventory buildup—could accelerate gains in copper prices and copper equities. The house view: the intra‑year high could challenge $15,000/ton; it recommends exposure to copper names where earnings and

CITIC Securities says the timing of the U.S. copper tariff assessment is approaching, reviving "tariff trades" and inventory hoarding in the copper market. Overseas precautionary stockpiling is providing firm fundamental support, while the recent sharp rise in COMEX stocks—interpreted as "trading" inventory buildup—could accelerate gains in copper prices and copper equities. The house view: the intra‑year high could challenge $15,000/ton; it recommends exposure to copper names where earnings and valuation upside align.