Citigroup: copper can rise to $10,000 ahead of imposition of US import tariffs

Citigroup forecasts copper prices to rise to $10,000 per ton in the next three months. Meanwhile, the global market will be tight until the dates of the US import duties on this metal are announced.

Previously, Citi expected copper to fall to $8,500 in the second quarter of 2025. According to the bank, prices can still decrease once US copper import demand slumps due to imposed tariffs.

Bloomberg reported that the metal prices have increased during recent weeks, which was caused by US leader Donald Trump ordering a probe into the foreign copper supplies. This, in turn, sparked a surge in supplies to the country before the potential introduction of duties.

Additionally, copper has been supported by the shortage of raw materials. Demand for them is growing faster than production volumes at mines around the world, Bloomberg said.

The news agency also reported the increased number of copper export licenses issued by the Chinese authorities. The country’s smelters are facing growing losses due to high competition for copper concentrate.