Global investment bank Citi has released its copper price outlook, providing a clear upward forecast. Copper is expected to remain around $11,000/ton for the rest of 2025, climb to an average of $12,000/ton in Q2 2026, and reach $14,000/ton under a bull-market scenario. If the market sees key bullish catalysts, copper could hit the $12,000/ton target even earlier.

The report notes that the short-term pressure on copper prices stems primarily from weak physical demand. Global manufacturing sentiment is mixed, and cyclical copper consumption has limited upside for the remainder of 2025. After a strong 2024 base, year-on-year copper consumption is expected to soften in Q4 2025, alongside a slowdown in manufacturing activity, restricting near-term price gains.

However, Citi emphasizes that the price targets reflect an optimistic view of 2026 fundamentals. With the implementation of U.S. fiscal stimulus and a global shift toward looser monetary policy, a global economic recovery is expected, which should drive copper demand growth. Current market prices show the London Metal Exchange (LME) copper futures at approximately $10,800/ton on November 12, while the Shanghai Futures Exchange (SHFE) main copper contract is around RMB 86,700/ton, gradually approaching Citi’s short-term forecast range.

As the “king of industrial metals,” copper demand is closely tied to global economic recovery. Analysts generally agree that if global manufacturing rebounds stronger than expected in 2026, combined with structural demand growth from new energy, power-grid construction, and AI infrastructure, copper prices could exceed forecasted upper limits. Nonetheless, potential risks remain, including geopolitical volatility and weaker-than-expected demand recovery, which could disrupt prices.

Source：  Changjiang Nonferrous Metals Network