花旗：料铜价或在未来几周因中国配置触及每吨1.5万至1.6万美元 但持续上扬信心不大

Group 1 - Citigroup reports that copper prices have surged, briefly surpassing the target price of $14,000 per ton set recently, driven by strong buying from Chinese investors amid rising precious metal prices and a weak dollar [1] - Citigroup expresses a lack of confidence in the recent copper price trend, suggesting that in the coming two weeks, Chinese investors may further allocate funds to base metals to counteract the rise in precious metals [1] - Despite the potential for copper prices to reach $15,000 to $16,000 per ton, Citigroup's basic expectation is that copper prices will stabilize around $13,000 per ton by 2026, sufficient to achieve market supply-demand balance this year [1] Group 2 - Citigroup notes that global electric vehicle sales growth has slowed due to lower-than-expected adoption rates outside of China, with frequent policy changes negatively impacting these markets [2] - The Chinese electric vehicle market, the largest globally, is showing early signs of saturation and growth slowdown, although recent trends in China have somewhat offset this [2] - Overall demand growth is expected to suppress the growth of copper and battery materials such as lithium, nickel, and cobalt, which are related to the energy transition [2]