Citi(US:C) Wen Hua Cai Jing·2025-11-12 10:03Group 1 - Citi predicts copper prices will rise to an average of $12,000 per ton by Q2 2026, with an optimistic scenario reaching $14,000 per ton [1] - For the remainder of this year, copper prices are expected to trade around $11,000 per ton, reflecting a positive outlook for 2026 despite recent weak physical demand [1] - The mixed global manufacturing sentiment indicates limited growth potential for cyclical copper demand for the rest of the year [1] Group 2 - Due to a strong base in 2024, year-on-year consumption growth is expected to remain weak in Q4 2025, alongside sluggish manufacturing activity [1] - However, a recovery in demand is anticipated in 2026, supported by loose fiscal policies in the U.S. and global monetary policies [1] - China's copper industry faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1]