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Copper futures notched a back-to-back record close on Tuesday.
Citi attributes recent copper price growth primarily to AI data center demand and energy transition.
KEY POINTS
- Citi strategist forecasts copper could reach $15,000 per metric ton, 7% above current levels.
- Strategic inventory stockpiling is emerging as a new channel for copper demand and price impact.
- Copper's move above $13,500 is seen as confirmation of a sustained structural and cyclical demand setup.
- Citi is positioning through an LME copper digital call option at 15,250 expiring August 5.
COMPANIES
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