花旗：预计到2026年第二季度，铜价将攀升至平均1.2万美元/吨

Core Viewpoint - Citigroup projects that copper prices will continue to rise, reaching an average of $12,000 per ton by Q2 2026, with a bullish scenario estimating prices at $14,000 per ton [1] Group 1: Price Projections - For the remainder of this year, copper trading prices are expected to be around $11,000 per ton [1] - The target price reflects a more bullish fundamental setup for 2026, despite recent weak physical demand [1] - If bullish catalysts emerge, copper prices could rise to $12,000 per ton faster than anticipated [1] Group 2: Demand and Economic Outlook - Global manufacturing sentiment is mixed, indicating limited upside for cyclical copper demand in the remainder of 2025 [1] - Stronger consumption in 2024 is expected, but copper consumption growth will likely soften in Q4 2025 [1] - Manufacturing activity is projected to slow down, but a recovery is anticipated by 2026, supported by loose fiscal policies in the U.S. and global monetary policies [1]