Citi Stays Neutral on Copper Until Energy and Tariff Picture Clears
Citi keeps its neutral copper view until energy-market and tariff clarity emerges, expects an aluminium surplus in 2027 and sees tin upside.
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what happened
Reuters reported, citing Citi Research, that the bank still holds a neutral stance on copper until more clarity emerges on the energy market and trade tariffs. Analysts view any risk-off periods linked to this as good opportunities for long-term buying.
On aluminium, the bears are focused on the prospect of a sizeable surplus of 1-2 million tonnes in 2027. The main driver cited is strong supply growth led by Indonesia, combined with a muted demand outlook.
For tin, Citi sees 6-12 month upside to $60,000 per tonne in its base case and $70,000 per tonne in its bull case.
why it matters
A neutral view on copper means investors still lack a clear direction and are waiting for signals on energy prices and tariffs. The projected aluminium surplus weighs on the metal's outlook, while the more optimistic tin forecast sets it apart from the rest of the sector.
market impact
Copper, aluminium, tin: the expected aluminium surplus pressures the metal, while the tin forecast supports interest in it.
tags
instruments
sources
- Citi Remains Neutral Copper Until More Energy-Market, Tariff Clarity Emerges — Reuters, 23 October 2026 at 18:33 UTC
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