Citi: Cut its 0-3 month price forecasts for copper and aluminum to $8,000 and $2,200 per ton, respectively
April 8, 2025
On Monday, Citi Research cut its 0-3 month price forecast for Brent crude to $60 a barrel, and cut its 0-3 month price forecast for copper and aluminum to $8,000 and $2,200 a tonne respectively. The bank said in the report that the actual impact of the imposition of tariffs should be double negative, with the pre-purchase and hoarding of commodities completely reversed after the tightening of the commodity market over the past few months. "In our view, any rally this week on mini-trade deals or delayed implementation of April 9 tariffs will provide an opportunity to sell into rallies," Citi analysts said in a note. He added that "U.S. natural gas and gold should outperform in the near term."
