CITIC Securities: Copper supply and demand situation may turn to shortage
CITIC Securities research report pointed out that since March 2024, copper prices have continued to rise, recently breaking through $9,500 per ton. Looking ahead, CITIC Securities believes that with the continuous tightness at the mining end and the expected production cuts at the smelting end, coupled with the approaching timing of the domestic and foreign active restocking cycle, the copper supply and demand situation may turn to shortage. In terms of financial attributes, the trading logic of copper has transitioned from previous interest rate cut expectations to inflation expectations, providing support for copper prices in terms of both demand and cost. It is recommended to allocate domestic copper mining stocks according to the dimensions of "growth, value, and combination".

![[ SMM 분석 ] 19개 구리 제련소의 2026년 반기 보고서 한눈에 보기](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)

