Citi neutral on copper, aluminium near term

Citigroup

16/10/2026 24:35

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 CMCU3 on the London Metal Exchange touched its lowest since October 2 at $14,256 on Thursday.
LME aluminium CMAL3 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 CMZN3 fell 1.1% to $3,677.50 a ton, lead CMPB3 lost 0.7% to $1,883, nickel CMNI3 slid 1.7% to $15,240 and tin CMSN3 was little changed at $50,440 after hitting its lowest level since June.


 (Reporting by Anjana Anil in Bengaluru; Editing by Jacqueline Wong)
 ((Anjana.Anil@thomsonreuters.com;))