铜价强势突破13000美元推高“短期目标”，但这家投行认为：1月可能就是全年高点！

Core Viewpoint - Copper prices have recently rebounded strongly, surpassing key resistance levels, prompting Citigroup to raise its short-term price targets, although they warn that this upward momentum may soon wane, with January potentially marking the peak for 2026 prices, followed by a risk of market pullback [1] Group 1: Price Targets and Market Dynamics - Citigroup's report on January 6 indicates that copper prices have exceeded their previous targets of $12,000 per ton for 0-3 months and $13,000 per ton for 6-12 months, now setting a tactical short-term target of $14,000 per ton [1] - The analysts express lower confidence in the current price outlook compared to December, suggesting that unless new catalysts emerge to support a bullish scenario of $15,000 per ton, prices are expected to eventually retreat to a more sustainable level of $13,000 per ton [1] Group 2: Supply-Side Reactions and Market Balance - Citigroup warns that the current price level of $13,000 per ton is sufficient to stimulate an increase in scrap copper recycling, which could lead to a balanced global physical market by 2026 [2] - The firm maintains a 20% probability for a bullish scenario where copper prices could reach $15,000 per ton, contingent on favorable macroeconomic conditions, including a "very soft landing" for the U.S. economy, a weaker dollar, and significant interest rate cuts by the Federal Reserve [2]