Group 1 - The report from Citigroup highlights a significant divergence in market sentiment regarding aluminum, a consensus bullish outlook for copper, and persistent short-term uncertainty surrounding zinc [1][3][4] - Citigroup maintains a "structurally bullish" stance on aluminum, citing a demand growth exceeding 3 million tons annually and supply constraints from Indonesia, although the market shows widespread disagreement on this conclusion [3][4] - The copper market is generally viewed positively, with various bullish arguments including projected deficits by 2026 and macro-driven capital inflows, while the zinc market faces bearish sentiment with a lack of confidence in price direction [4][5] Group 2 - Despite the complex signals from the LME week, Citigroup reaffirms its bullish outlook on aluminum and copper, suggesting that macro factors will dominate in the next 3-12 months [5] - The report warns investors about the potential escalation of geopolitical tensions in the Taiwan Strait over the next two years, which poses a significant tail risk to bullish trades [5] - The need for caution and protective measures is emphasized for producers and investors, given the ongoing geopolitical and economic risks despite the bullish fundamentals for aluminum and copper [5]
矿业大会“LME WEEK”焦点：对铝的看法分歧，铜市普遍看涨，锌市看跌
Hua Er Jie Jian Wen·2025-10-20 02:10