Citigroup: Expected Slowdown in Copper Price Decline, Simultaneously Raises Q2 Aluminum Price Forecast

On Tuesday, April 15, Citi predicted that the decline in copper prices would slow over the next three months, noting that copper scrap supply remains tight due to US tariff policy adjustments and stockpiling. Citi added in a report, "All signs indicate that copper prices will decline at a slower pace by Q2 2025, while we previously expected larger and faster investor sell-offs, and funds still hold net long positions." The bank raised its three-month copper price forecast to $8,800 per mt. Previously, after the US announced tariff hikes, the bank had lowered its copper price forecast to $8,000 per mt. The bank expects the average copper price in Q2 to be $9,000 per mt. Citi stated that US tariff policies have slowed physical copper consumption and manufacturing activities, and therefore remains bearish over the next three to six months. The bank said, "We are uncertain how far copper prices will fall, but our view remains to wait for the situation to improve before buying." Citi also raised its Q2 aluminum price forecast from $2,200 per mt to $2,300 per mt, with an average price of $2,400 per mt. To learn more about the dynamics of the copper industry chain, you are welcome to attend the CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo, hosted by SMM, which will be grandly held in Nanchang, Jiangxi from April 22-25, 2025. Over 3,000 industry elites, representatives from upstream and downstream enterprises of the copper industry chain, government leaders, industry associations, third-party equipment, logistics and warehousing, and academic experts will gather together. The conference covers mines, smelting, copper processing, trade, recycling, and end-use applications, encompassing the entire copper industry chain. At the event, more than 100 exhibitors will showcase the latest copper processing and smelting equipment, high-quality raw material suppliers, and new-type copper-based materials, highlighting the innovation and vitality of the copper industry. The conference features a variety of exciting activities: the main forum focuses on global copper market trends, raw material supply, policy impacts, and market direction. Sub-forums delve into industry hot topics such as electrical power transmission and distribution, secondary copper, copper-based new materials, hardware and plumbing, and ESS. During the conference, a two-day field trip will visit 12 representative enterprises in the copper industry with a cumulative capacity of 1 million mt, sharing cutting-edge technologies and valuable experiences to upgrade the copper industry chain and promote high-quality industry development. The CCIE 2025 SMM (20th) Copper Conference and Copper Industry Expo will help you grasp industry trends, expand your network, and seek business opportunities! SMM cordially invites you to gather in Nanchang, Jiangxi from April 22-25, to unite in the new era and jointly plan for new development!