Core Viewpoint - Citigroup's research report indicates that global manufacturing sentiment remains mixed, with cyclical demand growth facing ongoing pressures [1] Group 1: Copper Consumption and Price Outlook - In August, copper consumption growth was weak, increasing only by 1.3% year-on-year, which is below the strong performance driven by the solar industry in the first half of the year [1] - Citigroup expects moderate growth in copper consumption for the remainder of the year due to a high base effect, but remains optimistic about copper prices rising to $12,000 per ton in Q2 of next year, driven by stronger cyclical demand, supply constraints, currency devaluation risks, and U.S. arbitrage activities [1] - The firm maintains a target price of $11,000 per ton for copper over the next three months, despite short-term pressures from U.S.-China trade tensions and stock market corrections [1] Group 2: Trade Tensions and Market Reactions - The future trajectory of copper prices is contingent upon whether the U.S. and China can meet in the next 1 to 2 weeks to alleviate escalating trade tensions [1]
花旗：看好未来6至12个月铜价，明年第二季目标价为每吨1.2万美元
Ge Long Hui·2025-10-23 05:36