Citi moderated its short-term bearish outlook on copper prices, raising the three-month target to $8,800.

On Thursday, April 17, Citigroup has moderated its bearish outlook on short-term copper prices, raising its three-month price target to $8,800 per mt. Previously, the bank had estimated copper prices at $8,000 per mt. However, Citigroup analysts now believe that the "bearish risks" over the next three months will be reduced due to several factors, including the ongoing tightness in the steel scrap market caused by US stockpiling. In its report this week, Citigroup stated: "All of this suggests that copper prices will decline at a slower pace by Q2 2025, rather than the deeper and faster investor sell-off we previously anticipated, with funds remaining net bullish." As for this quarter, the investment bank estimates the average copper price at $9,000 per mt. Currently, COMEX copper is trading around $10,300 per mt, while London copper is trading around $9,200 per mt. In the medium term (three to six months), Citigroup's bearish outlook remains unchanged due to the slowdown in physical copper consumption and manufacturing activities caused by US tariff policies. Citigroup said: "We are uncertain how far copper prices can fall, but our view remains to wait until the US adjusts tariffs, fully reallocates tariff revenues, or the US Fed policy 'takes effect'." 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 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 officials, 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, there will also be a two-day field trip to 12 representative enterprises in the copper industry, with a cumulative capacity of 1 million mt, to share cutting-edge technologies and valuable experiences, helping 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!