Citi Turns Bullish on Copper Price for First Time Since 2026, Targets $15,000 Per Ton

June 1 – Citigroup’s latest report marks the bank’s first bullish stance on copper prices since 2026, projecting copper will hit $14,500 per ton next month and rise further to $15,000 per ton over the coming 12 months – an upside of more than 10% relative to current LME three-month copper prices. Citigroup attributes its optimism to two key factors: uncertainty surrounding U.S. refined copper tariff policy, and expectations for normalized navigation through the Strait of Hormuz. The bank anticipates the U.S. will maintain a “strategically ambiguous” tariff framework to incentivize companies to hold high inventory levels. Meanwhile, Goldman Sachs has also revised up its copper price forecasts, raising its 2026 year-end target from $12,465 per ton to $13,735 per ton. Demand for copper is being driven by ongoing growth in AI data center construction, grid expansion, electric vehicle development, and the broader new energy sector. Citigroup highlights AI infrastructure, the global electrification shift, and energy system upgrades as critical long-term drivers of copper demand growth. That said, Citigroup warns that downside risks to copper prices remain, including escalating Middle East tensions, slowing global economic expansion, and fluctuations in inventory and demand.