Group 1 - Citi predicts copper prices will rise to an average of $12,000 per ton by Q2 2026, with an optimistic scenario reaching $14,000 per ton [1] - For the remainder of this year, copper prices are expected to trade around $11,000 per ton, reflecting a positive outlook for 2026 despite recent weak physical demand [1] - The mixed global manufacturing sentiment indicates limited growth potential for cyclical copper demand for the rest of the year [1] Group 2 - Due to a strong base in 2024, year-on-year consumption growth is expected to remain weak in Q4 2025, alongside sluggish manufacturing activity [1] - However, a recovery in demand is anticipated in 2026, supported by loose fiscal policies in the U.S. and global monetary policies [1] - China's copper industry faces three major challenges: increasing reliance on foreign upstream resources, excess capacity in the midstream processing sector, and downstream demand being suppressed by high copper prices [1]

花旗预计到2026年第二季度铜价平均将达1.2万美元/吨，看涨情境下可能升至1.4万美元/吨。 （文章来源：新华财经） ...

Core Viewpoint - Goldman Sachs has revised down its global copper mine supply forecasts for the second half of 2025 by 160,000 tons and for 2026 by 200,000 tons, indicating a bearish outlook for copper production growth in the near term [1] Group 1: Supply Forecast Adjustments - The copper production growth expectations for 2025 and 2026 have been lowered to year-on-year increases of 0.2% and 1.9%, respectively, down from previous expectations of 0.8% and 2.2% [1] - The latest adjustments imply an upward risk to the forecast for LME copper prices in December 2025, which is set at $9,700 per ton [1] Group 2: Price Predictions - Copper prices are expected to stabilize in the range of $10,200 to $10,500 per ton [1] - The long-term bullish forecast for copper prices before 2027 is set at $10,750 per ton [1]

花旗8月15日修正基本情景预测显示，未来三个月铜价将跌至每吨9,200美元（此前预期为每吨8,800美 元）。（新华财经） ...

Core Insights - HSBC reports that the large accumulation of copper inventory in the U.S. may decrease, weakening the demand for copper in the country [1] - Current COMEX copper inventory has reached a 21-year high due to buyers anticipating larger tariffs on copper imports in the U.S. [1] - HSBC forecasts an average copper price of $4.24 per pound in 2025 and $4.15 per pound in 2026 [1]

路透调查：预计2025年LME铜价平均为9525美元/吨，2026年为9796美元/吨，而2024年为9143美元/吨。 ...

Core Viewpoint - The Chilean Ministry of Finance projects the average price of copper to be $4.28 per pound in 2025, slightly higher than the anticipated price of $4.26 per pound in 2024 [1] Group 1 - The average copper price forecast for 2025 is $4.28 per pound [1] - The expected average price for copper in 2024 is $4.26 per pound [1]

Group 1 - Goldman Sachs maintains its copper price forecast for the end of 2025 at $9,700 per ton [1] - The annual average copper prices for 2026 and 2027 are projected to be $10,000 and $10,750 per ton, respectively [1]

Core Viewpoint - Goldman Sachs maintains its year-end LME copper price forecast at $9,700 per ton for December 2025, while adjusting the baseline forecast for U.S. copper import tariffs from 25% to 50% [1] Group 1 - The risk of copper prices exceeding $10,000 in the third quarter has decreased [1] - U.S. copper import volumes are expected to accelerate in the coming weeks due to increased motivation to preemptively respond to tariff implementation [1]

Core Viewpoint - Deutsche Bank forecasts that copper prices will reach $9,500 per ton by the end of this year [1] Group 1 - The forecast indicates a bullish outlook for copper prices in the near term [1]