CITIGROUP says it remains constructive on copper over the coming weeks, keeping its 0–3m short-term target at $14,500/t and its year-end target at $15,000/t. The bank notes copper has stayed firm over the past month despite a pullback in speculative long positions and broader commodity weakness. Demand growth remains weak, but supply-side risks are rising: global mine output is under pressure, scrap supply has been slow to respond to high prices YTD, and Chilean mine risks along with sulfur supp

CITIGROUP says it remains constructive on copper over the coming weeks, keeping its 0–3m short-term target at $14,500/t and its year-end target at $15,000/t. The bank notes copper has stayed firm over the past month despite a pullback in speculative long positions and broader commodity weakness. Demand growth remains weak, but supply-side risks are rising: global mine output is under pressure, scrap supply has been slow to respond to high prices YTD, and Chilean mine risks along with sulfur supply constraints could provide marginal upside to market sentiment.