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Core Viewpoint - The article discusses the recent sharp decline in copper prices, with warnings from Goldman Sachs and Citigroup indicating that the current price surge may have peaked, leading to potential risks of a price correction in the near future [2][7][8]. Group 1: Market Performance - On January 15, the main copper futures contract in Shanghai experienced a significant drop, falling nearly 3% at one point, and closing with a decline of 2.21% at 101,870 yuan per ton [2]. - In the international market, copper prices also fell, with London copper down 1.27%, nickel down 1.55%, aluminum down 0.9%, and tin down 0.5% as of 14:00 Beijing time [4]. Group 2: Price Trends and Predictions - Copper prices have surged nearly 24% since November 20, 2025, raising concerns about sustainability [5]. - Goldman Sachs has indicated that the recent price increase was primarily driven by speculative trading and expectations of U.S. tariffs on key minerals, which have now eased, leading to a potential price correction [6][7]. - Citigroup warns that January may represent the peak price for copper in 2026, predicting a return to around $13,000 per ton as a more sustainable level unless unexpected macroeconomic factors arise [8]. Group 3: Supply and Demand Dynamics - The easing of tariff concerns has led to a decrease in copper premiums in the U.S., which previously supported high prices due to tight supply [6]. - Citigroup highlights that aluminum is facing a significant supply shortage, with a short-term target price of $3,400 per ton and a mid-term outlook of $3,500 per ton due to rising electricity costs affecting production [8].