Citi neutral on copper, aluminium near term

By Reuters News

Oct 15 (Reuters) - Citi said on Thursday it is neutral on copper and aluminium near term at $14,000 to $15,000 per metric ton and $3,000 per ton, respectively.

  • The bank expects stronger supply growth for copper and aluminium in 2027, the note said.

  • It also highlighted upside opportunities in nickel and lead given prices are close to 2026 lows and fund positioning is relatively short.

  • Citi said it is constructive on tin to $60,000 per ton over the next 6-12 months given high exposure to the underlying structural and strategic medium term tailwinds for the industrial metals complex.

  • Benchmark three-month copper on the London Metal Exchange touched its lowest since October 2 at $14,256 on Thursday.

  • LME aluminium added 0.3% to $2,995.50 a ton by 1625 GMT, recovering after earlier touching its lowest level in more than nine months at $2,953.50.

  • Zinc fell 1.1% to $3,677.50 a ton, lead lost 0.7% to $1,883, nickel slid 1.7% to $15,240 and tin was little changed at $50,440 after hitting its lowest level since June.

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