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Copper Can Reach $10,000 Before Tariffs Bite, Says Citigroup - BLOOMBERG
(Bloomberg) — Copper (HG=F) will hit $10,000 a ton in the coming three months, according to Citigroup Inc., which said the global market will remain tight until the timeline for US import tariffs becomes clearer.
The metal has climbed in recent weeks after President Donald Trump ordered a probe into copper imports, sparking a shipping rush to the US ahead of any import levies. Copper on the London Metal Exchange just reached its highest since October.
“We think ex-US physical market tightening is likely to persist through to May/June, temporarily offsetting price headwinds from broader US tariff announcements,” Citigroup’s analysts including Max Layton wrote in an email.
Industrial metals have held up reasonably well despite growing fears for the US economy as Trump upends trade policy. Copper has also been underpinned by growing scarcity of raw materials as demand grows faster than the world’s mines can expand.
Copper was up 0.3% at $9,797 a ton by 11:14 a.m. Shanghai time, extending its advance this year to nearly 12%.
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