Core Viewpoint - Citi warns that risks in the commodity market are rising, with a notable disconnect between copper prices and physical demand despite recent price increases [1] Group 1: Copper Market - Citi's metal research head, Tom Mulqueen, indicates that copper prices may rise to $15,000-$16,000 per ton in the coming weeks, driven by inflows from precious metals and a weaker dollar [1] - Copper prices recently surpassed Citi's short-term target of $14,000, reaching $14,400 on the London Metal Exchange (LME) before experiencing a significant decline [1] - Mulqueen expresses a lack of confidence in the short-term copper price outlook, citing increased selling outside of China and weak physical market fundamentals as indicators of a likely price correction [1] - Citi forecasts an average copper price of $13,000 per ton for 2026 [1] Group 2: Energy Market - Maximilian Layton, global head of commodity research, states that oil prices remain sensitive to tensions in the Middle East, particularly around Iran [1] - The U.S. may take actions to weaken Iran's missile and nuclear capabilities, but the market anticipates that both sides will avoid a full-scale conflict [1]