Citi(US:C) Sou Hu Cai Jing·2025-11-13 07:12Core Insights - The non-ferrous metal sector experienced a slight pullback in afternoon trading, with copper prices strengthening during the session [1] - Citigroup's copper consumption tracking indicated a mild year-on-year growth of 1% in global copper consumption for September [1] - Citigroup forecasts a continued weak year-on-year growth in copper consumption for Q4 2023, citing a stronger base in 2024 and sluggish manufacturing activity as limiting factors [1] Market Analysis - The non-ferrous metal ETF (516650) saw its gains narrow to 4.06%, while the gold ETF (518850) rose by 1.52%, and the gold stock ETF (159562) increased by 3.07% [1] - Long-term support for copper prices is attributed to increased market liquidity due to expectations of a more accommodative Federal Reserve [1] - The Chinese Ministry of Commerce plans to introduce more detailed measures to boost consumption and expand openness, indicating potential further stimulation of domestic copper consumption [1] Future Outlook - Citigroup anticipates a recovery in copper demand by 2026, supported by more accommodative fiscal policies in the U.S. and a globally looser monetary environment [1]