Citi(US:C) Wen Hua Cai Jing·2025-11-13 00:54Group 1 - The core viewpoint of the article indicates that global copper consumption showed a mild year-on-year increase of 1% in September, with a 2% increase in consumption outside of China compared to the same period last year [1] - Citigroup forecasts that the year-on-year growth in copper consumption will remain weak in the fourth quarter of this year due to a stronger base in 2024 and sluggish manufacturing activity, which are limiting factors for cyclical copper demand for the remainder of the year [1] - Despite the current weak spot market indicators, Citigroup expects copper prices to continue to outperform recent fundamentals, anticipating favorable factors in 2026, including increased consumption, mining supply constraints, and expected market supply shortages [1] Group 2 - The company highlights three major challenges facing China's copper industry chain: rising dependence on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1] - To assist the industry in navigating these changes, Shanghai Nonferrous Metals Network has collaborated with copper industry chain enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [1]