花旗：铜价突破每吨13,000美元目标 短期维持看好

Group 1 - The core viewpoint of the report is that copper prices have significantly risen in recent weeks, surpassing Citigroup's short-term target of $12,000 per ton and the medium-term target of $13,000 per ton set in their 2026 Commodity Outlook [1] - Citigroup has raised its short-term target for copper prices to $14,000 per ton for the next 0 to 3 months while maintaining its baseline scenario forecast of an average price of $13,000 per ton for the second to fourth quarters of 2026 [1] - Factors contributing to the potential price increase include market momentum, further upward positioning, and a comprehensive bullish narrative involving U.S. arbitrage/tariff dynamics, demand and growth expectations, supply constraints from mining, and risks associated with currency depreciation [1] Group 2 - Despite the recent price surge, Citigroup's confidence in the price increase has significantly weakened compared to December of the previous year [1] - January is projected to be the price peak for 2026 unless new catalysts emerge to support a bullish scenario of $15,000 per ton; otherwise, prices are expected to eventually revert to a more sustainable level of around $13,000 per ton [1]