Citigroup: Bullish on Copper and Aluminum in the Medium Term, Copper Prices to Reach $12,000/mt in the Next 6–12 Months

On Tuesday, October 21, Citi stated that in the short term, they expect gold prices (previously bullish, now turned bearish) to reach a target of $4,000 per ounce within the next 0–3 months.

Citi expects factors such as the end of the US government shutdown to drive consolidation in the gold market over the next two to three weeks.

Citi remains bullish on copper and aluminum in the medium term, projecting copper prices to reach $12,000/mt over the next 6–12 months and aluminum prices to hit $3,500/mt by 2027.

Citi said, "We expect the average price of Brent crude oil to be around $60 per barrel in Q1 2026."

(Comprehensive report by Wen Hua)